Safe Pro Group Inc. (NASDAQ:SPAI) Sees Significant Decrease in Short Interest

Safe Pro Group Inc. (NASDAQ:SPAI) saw a significant decrease in short interest in March. As of March 13th, there was short interest totaling 614,313 shares, a decrease of 19.8% from the February 26th total of 766,233 shares. Based on an average daily volume of 297,157 shares, the short-interest ratio is presently 2.1 days. Approximately 6.5% of the company’s shares are sold short.

Safe Pro Group Stock Performance

Shares of SPAI opened at $3.81 on Wednesday. The stock has a 50-day simple moving average of $4.68 and a 200-day simple moving average of $5.33. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.16 and a current ratio of 7.60. The stock has a market capitalization of $79.91 million, a PE ratio of -5.08 and a beta of 3.58. Safe Pro Group has a 1 year low of $1.47 and a 1 year high of $9.16.

Safe Pro Group announced that its board has authorized a share buyback program on Thursday, December 18th that permits the company to buyback $3.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 4.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SPAI. Cresset Asset Management LLC increased its position in shares of Safe Pro Group by 4.6% in the 2nd quarter. Cresset Asset Management LLC now owns 144,929 shares of the company’s stock valued at $399,000 after purchasing an additional 6,346 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Safe Pro Group in the 4th quarter valued at $42,000. Barclays PLC purchased a new stake in shares of Safe Pro Group during the 4th quarter worth $44,000. Prospera Financial Services Inc purchased a new stake in shares of Safe Pro Group during the 3rd quarter worth $82,000. Finally, Renaissance Technologies LLC grew its stake in shares of Safe Pro Group by 20.0% during the fourth quarter. Renaissance Technologies LLC now owns 77,500 shares of the company’s stock worth $322,000 after purchasing an additional 12,900 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SPAI. Zacks Research cut Safe Pro Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Safe Pro Group in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Safe Pro Group has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

About Safe Pro Group

Safe Pro Group, Inc engages in the provision and acquisition of security and protection products. Its products include Artificial Intelligence (AI) and Machine Learning (ML) software technology and photogrammetry analysis tools, bullet and blast resistant personal protection equipment, and aerial managed services and mission-critical uncrewed solutions. The firm operates through the following segments: Safe-PRO USA, Airborne Response, and Safe Pro AI. The company was founded by Daniyel Erdberg on December 15, 2021 and is headquartered in Aventura, FL.