Dragonfly Energy (NASDAQ:DFLI) Trading Down 0.6% – Here’s Why

Dragonfly Energy Holdings Corp. (NASDAQ:DFLI)’s stock price was down 0.6% during trading on Wednesday . The company traded as low as $1.70 and last traded at $1.74. 195,958 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 395,133 shares. The stock had previously closed at $1.75.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wall Street Zen raised Dragonfly Energy from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. Zacks Research cut Dragonfly Energy from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 18th. Canaccord Genuity Group dropped their price objective on shares of Dragonfly Energy from $22.50 to $3.25 and set a “buy” rating on the stock in a report on Tuesday, March 17th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Dragonfly Energy in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $3.25.

Dragonfly Energy Trading Down 0.6%

The stock has a market cap of $22.29 million, a PE ratio of -0.07 and a beta of 0.22. The firm has a 50-day simple moving average of $1.95 and a 200-day simple moving average of $2.52. The company has a quick ratio of 0.95, a current ratio of 2.41 and a debt-to-equity ratio of 2.53.

Dragonfly Energy (NASDAQ:DFLI) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.12). The firm had revenue of $9.70 million during the quarter, compared to the consensus estimate of $9.47 million. Equities analysts forecast that Dragonfly Energy Holdings Corp. will post -1.35 earnings per share for the current year.

Institutional Trading of Dragonfly Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp purchased a new stake in Dragonfly Energy in the 4th quarter worth approximately $39,000. OMERS ADMINISTRATION Corp bought a new position in shares of Dragonfly Energy in the fourth quarter worth $47,000. KFG Wealth Management LLC increased its holdings in shares of Dragonfly Energy by 34.4% in the first quarter. KFG Wealth Management LLC now owns 28,097 shares of the company’s stock worth $49,000 after purchasing an additional 7,186 shares during the period. J. Derek Lewis & Associates Inc. purchased a new stake in shares of Dragonfly Energy in the fourth quarter worth $163,000. Finally, Legato Capital Management LLC purchased a new stake in shares of Dragonfly Energy in the fourth quarter worth $185,000. Institutional investors own 8.19% of the company’s stock.

Dragonfly Energy Company Profile

Dragonfly Energy Corp. is a designer and manufacturer of lithium iron phosphate (LiFePO4) battery systems geared toward mobile, residential and commercial energy storage applications. The company develops modular battery packs and integrated power management solutions that focus on safety, long cycle life and compact form factors. Dragonfly’s core product lineup includes 12-volt and 24-volt battery modules, as well as multi-unit rack systems tailored for backup power, solar energy storage and off-grid installations.

Serving a broad range of end markets, Dragonfly Energy’s batteries are commonly deployed in recreational vehicles, marine vessels, overland expedition setups and residential solar arrays.