Zacks Research Upgrades Draganfly (NASDAQ:DPRO) to “Hold”

Draganfly (NASDAQ:DPRO) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks reports.

DPRO has been the subject of a number of other reports. LADENBURG THALM/SH SH reduced their price target on shares of Draganfly from $12.75 to $11.50 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Needham & Company LLC restated a “buy” rating on shares of Draganfly in a report on Tuesday, September 29th. Finally, Wall Street Zen lowered shares of Draganfly from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $11.62.

Draganfly Trading Down 7.7%

Shares of DPRO opened at $3.06 on Tuesday. The firm has a market cap of $105.02 million, a P/E ratio of -3.92 and a beta of 3.02. Draganfly has a 12-month low of $3.04 and a 12-month high of $10.62. The company’s 50-day moving average price is $4.76 and its 200 day moving average price is $5.62.

Draganfly (NASDAQ:DPRO) last posted its earnings results on Monday, August 10th. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.13). The company had revenue of $1.93 million during the quarter, compared to analyst estimates of $2.56 million. Draganfly had a negative net margin of 355.34% and a negative return on equity of 26.61%. The firm’s quarterly revenue was up 26.0% compared to the same quarter last year. Equities research analysts forecast that Draganfly will post -0.83 earnings per share for the current year.

Institutional Investors Weigh In On Draganfly

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in Draganfly during the 2nd quarter worth about $62,000. GK Wealth Management LLC purchased a new position in Draganfly during the 2nd quarter valued at about $55,000. Finally, World Investment Advisors grew its position in Draganfly by 33.3% in the 1st quarter. World Investment Advisors now owns 55,067 shares of the company’s stock valued at $270,000 after acquiring an additional 13,753 shares in the last quarter. Hedge funds and other institutional investors own 10.39% of the company’s stock.

Draganfly Company Profile

Draganfly Inc is a Canadian drone technology company that develops and provides unmanned aerial systems, software and related services. Its solutions are designed for public safety, defense and security, agriculture, industrial inspection, mapping, surveying, environmental monitoring and delivery applications.

The company’s offerings include remotely piloted aircraft, autonomous drone systems, payloads, flight-control technology, data-collection tools and professional services. Draganfly also provides drone design, manufacturing, training, consulting and operational support, helping organizations collect aerial imagery and other data for analysis and decision-making.

Founded in 1998, Draganfly describes itself as one of the early commercial drone manufacturers.