Draganfly (NASDAQ:DPRO) Shares Up 14.7% - Still a Buy?

Key Points

• Draganfly Inc. shares surged by 14.7% to $9.81, significantly increasing trading volume to over 5 million shares amid a broader interest in the stock.
• Wall Street analysts have upgraded the stock's rating, with HC Wainwright setting a buy rating and a target price of $14.00, while Needham & Company issued a buy rating with a target of $20.00.
• Draganfly reported a revenue of $1.55 million for the previous quarter, but noted a larger loss per share than analysts had anticipated, indicating ongoing financial challenges despite positive trading activity.

Draganfly Inc. (NASDAQ:DPRO - Get Free Report) shot up 14.7% during trading on Thursday . The stock traded as high as $10.19 and last traded at $9.81. 5,133,710 shares changed hands during mid-day trading, an increase of 113% from the average session volume of 2,411,755 shares. The stock had previously closed at $8.55.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DPRO shares. Wall Street Zen raised shares of Draganfly from a "sell" rating to a "hold" rating in a research note on Friday, October 3rd. HC Wainwright set a $14.00 price objective on shares of Draganfly and gave the company a "buy" rating in a report on Wednesday, October 8th. Finally, Needham & Company LLC assumed coverage on shares of Draganfly in a research note on Thursday. They issued a "buy" rating and a $20.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $17.00.

Draganfly Stock Up 14.7%

The firm has a market capitalization of $53.25 million, a price-to-earnings ratio of -5.74 and a beta of 2.58. The business has a 50 day simple moving average of $7.36 and a 200-day simple moving average of $4.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.80 and a current ratio of 5.29.

Draganfly (NASDAQ:DPRO - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.46) by $0.02. Draganfly had a negative return on equity of 197.71% and a negative net margin of 181.76%.The business had revenue of $1.55 million during the quarter, compared to the consensus estimate of $2.24 million. On average, equities analysts expect that Draganfly Inc. will post -3.56 EPS for the current year.

Hedge Funds Weigh In On Draganfly

A number of hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in shares of Draganfly during the 3rd quarter worth $89,000. Kieckhefer Group LLC boosted its holdings in Draganfly by 57.3% during the 3rd quarter. Kieckhefer Group LLC now owns 315,657 shares of the company's stock valued at $2,569,000 after acquiring an additional 115,000 shares during the period. CWM LLC acquired a new stake in Draganfly in the 3rd quarter valued at about $61,000. Jane Street Group LLC acquired a new stake in Draganfly in the 2nd quarter valued at about $35,000. Finally, XTX Topco Ltd acquired a new stake in Draganfly in the 2nd quarter valued at about $65,000. 10.39% of the stock is currently owned by hedge funds and other institutional investors.

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.

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