Draganfly (NASDAQ:DPRO) Stock Price Down 9% - Here's Why

Key Points

• Draganfly Inc. (NASDAQ:DPRO) has seen its stock price decrease by 9%, falling to $9.36 during trading, with over 9 million shares traded, significantly above its average volume.
• Analysts have mixed views on the stock; HC Wainwright set a buy rating with a $9.00 price target, while Wall Street Zen upgraded it from sell to hold, indicating some optimism amidst the decline.
• The company's latest quarterly earnings reported a loss of $0.44 per share, beating expectations slightly, but revenue of $1.55 million fell short of the $2.24 million estimate.

Draganfly Inc. (NASDAQ:DPRO - Get Free Report)'s stock price dropped 9% during trading on Monday . The stock traded as low as $9.30 and last traded at $9.36. Approximately 9,311,335 shares changed hands during mid-day trading, an increase of 329% from the average daily volume of 2,168,924 shares. The stock had previously closed at $10.29.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on DPRO. HC Wainwright set a $9.00 price target on shares of Draganfly and gave the stock a "buy" rating in a research report on Wednesday, October 1st. Wall Street Zen raised Draganfly from a "sell" rating to a "hold" rating in a research note on Friday. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $9.00.

Draganfly Trading Down 9.0%

The firm has a market cap of $50.82 million, a price-to-earnings ratio of -5.47 and a beta of 2.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.29 and a quick ratio of 4.80. The business has a 50-day moving average of $5.46 and a 200-day moving average of $3.76.

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

Institutional Trading of Draganfly

Several institutional investors and hedge funds have recently added to or reduced their stakes in DPRO. Jane Street Group LLC acquired a new stake in Draganfly in the second quarter valued at $35,000. XTX Topco Ltd bought a new stake in shares of Draganfly in the 2nd quarter valued at about $65,000. DNB Asset Management AS bought a new stake in shares of Draganfly in the 2nd quarter valued at about $340,000. Finally, Kieckhefer Group LLC lifted its stake in Draganfly by 69.1% in the 2nd quarter. Kieckhefer Group LLC now owns 200,657 shares of the company's stock valued at $636,000 after purchasing an additional 82,000 shares during the last quarter. 10.39% of the stock is owned by institutional investors.

Draganfly Company Profile

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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