Safe Pro Group (NASDAQ:SPAI) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Key Points

• Safe Pro Group reported quarterly EPS of negative $0.15, missing the consensus estimate of negative $0.14 by $0.01. The company also posted a negative net margin of 800.91% and negative return on equity of 119.17%.
• Shares surged 37.7% to $6.17 in heavy trading, with more than 7 million shares changing hands versus average volume of about 329,000.
• Institutional ownership increased as Geode Capital Management and Renaissance Technologies expanded their positions, while analyst views remained mixed; the consensus rating was “Moderate Buy” with an $11.00 price target.

Safe Pro Group (NASDAQ:SPAI - Get Free Report) posted its earnings results on Friday. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01), Zacks reports. Safe Pro Group had a negative return on equity of 119.17% and a negative net margin of 800.91%.

Safe Pro Group Trading Up 37.7%

NASDAQ:SPAI traded up $1.69 on Friday, reaching $6.17. 7,003,367 shares of the stock traded hands, compared to its average volume of 328,880. The company has a current ratio of 13.27, a quick ratio of 12.88 and a debt-to-equity ratio of 0.01. Safe Pro Group has a 1-year low of $3.23 and a 1-year high of $9.16. The company's 50 day moving average is $4.30 and its 200-day moving average is $4.44. The firm has a market capitalization of $128.89 million, a price-to-earnings ratio of -8.69 and a beta of 3.56.

Institutional Investors Weigh In On Safe Pro Group

A number of institutional investors have recently modified their holdings of SPAI. Barclays PLC bought a new position in Safe Pro Group during the fourth quarter worth $44,000. Price T Rowe Associates Inc. MD bought a new stake in Safe Pro Group during the fourth quarter valued at $65,000. NewEdge Advisors LLC bought a new stake in Safe Pro Group during the third quarter valued at $393,000. Renaissance Technologies LLC grew its holdings in Safe Pro Group by 20.0% during the 4th quarter. Renaissance Technologies LLC now owns 77,500 shares of the company's stock worth $322,000 after acquiring an additional 12,900 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Safe Pro Group by 66.3% in the 4th quarter. Geode Capital Management LLC now owns 128,627 shares of the company's stock worth $535,000 after acquiring an additional 51,283 shares in the last quarter.

Analysts Set New Price Targets

SPAI has been the subject of several analyst reports. Zacks Research raised shares of Safe Pro Group from a "strong sell" rating to a "hold" rating in a research note on Monday, June 1st. Wall Street Zen upgraded Safe Pro Group from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. Finally, Weiss Ratings lowered Safe Pro Group from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.00.

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.

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