Draganfly (NASDAQ:DPRO) Trading Down 10.2% – Here’s What Happened

Draganfly Inc. (NASDAQ:DPRO)’s share price dropped 10.2% during trading on Tuesday . The stock traded as low as $8.60 and last traded at $8.70. Approximately 2,313,563 shares were traded during trading, a decline of 5% from the average daily volume of 2,427,749 shares. The stock had previously closed at $9.69.

Wall Street Analyst Weigh In

DPRO has been the topic of a number of research analyst reports. Needham & Company LLC assumed coverage on Draganfly in a research note on Thursday, October 30th. They issued a “buy” rating and a $20.00 target price on the stock. HC Wainwright set a $14.00 price target on Draganfly and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Draganfly from a “hold” rating to a “sell” rating in a research note on Saturday. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Draganfly has an average rating of “Buy” and an average target price of $17.00.

Draganfly Trading Down 10.2%

The firm has a 50 day moving average of $7.71 and a 200 day moving average of $4.87. The firm has a market cap of $47.24 million, a PE ratio of -5.09 and a beta of 2.61. The company has a quick ratio of 4.80, a current ratio of 5.29 and a debt-to-equity ratio of 0.01.

Draganfly (NASDAQ:DPRO) last issued its earnings results on Monday, August 11th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.02. The firm had revenue of $1.55 million for the quarter, compared to analyst estimates of $2.24 million. Draganfly had a negative return on equity of 197.71% and a negative net margin of 181.76%. Equities analysts anticipate that Draganfly Inc. will post -3.56 earnings per share for the current year.

Hedge Funds Weigh In On Draganfly

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its position in shares of Draganfly by 224.3% in the third quarter. Jones Financial Companies Lllp now owns 3,399 shares of the company’s stock valued at $28,000 after purchasing an additional 2,351 shares during the period. SG Americas Securities LLC bought a new position in Draganfly in the 3rd quarter worth approximately $89,000. Kieckhefer Group LLC grew its stake in Draganfly by 57.3% in the 3rd quarter. Kieckhefer Group LLC now owns 315,657 shares of the company’s stock valued at $2,569,000 after buying an additional 115,000 shares in the last quarter. CWM LLC bought a new stake in Draganfly during the 3rd quarter valued at $61,000. Finally, Jane Street Group LLC purchased a new stake in shares of Draganfly during the second quarter worth $35,000. Institutional investors own 10.39% of the company’s stock.

About Draganfly

Draganfly Inc develops, manufactures, and sells cutting-edge unmanned and remote data collection and analysis platforms and systems in the United States and Canada. The company offers quadcopters, fixed-wing aircraft, ground-based robots, handheld controllers, and flight training, as well as software used for tracking, live streaming, and data collection.