Canaccord Genuity Group Cuts Dragonfly Energy (NASDAQ:DFLI) Price Target to $1.25

Dragonfly Energy (NASDAQ:DFLI) had its price target reduced by equities research analysts at Canaccord Genuity Group from $1.50 to $1.25 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 145.10% from the company’s previous close.

Dragonfly Energy Stock Down 4.7 %

DFLI stock opened at $0.51 on Friday. The business’s 50-day moving average is $0.55 and its two-hundred day moving average is $0.74. The company has a market cap of $32.02 million, a price-to-earnings ratio of -1.07 and a beta of -0.83. Dragonfly Energy has a fifty-two week low of $0.43 and a fifty-two week high of $1.46. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.26 and a current ratio of 0.90.

Dragonfly Energy (NASDAQ:DFLI) last announced its earnings results on Wednesday, August 14th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.06). Dragonfly Energy had a negative net margin of 59.58% and a negative return on equity of 165.91%. The business had revenue of $13.21 million for the quarter, compared to the consensus estimate of $14.17 million. As a group, analysts forecast that Dragonfly Energy will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On Dragonfly Energy

Several large investors have recently made changes to their positions in DFLI. AQR Capital Management LLC bought a new stake in shares of Dragonfly Energy in the second quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Dragonfly Energy in the second quarter worth $48,000. Finally, KFG Wealth Management LLC raised its position in shares of Dragonfly Energy by 37.2% during the 2nd quarter. KFG Wealth Management LLC now owns 423,830 shares of the company’s stock valued at $359,000 after buying an additional 115,000 shares in the last quarter. 8.19% of the stock is currently owned by hedge funds and other institutional investors.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. engages in the manufacturing and sale of deep cycle lithium-ion batteries for recreational vehicles, marine vessels, solar and off-grid residence industries, and industrial and energy storage markets. The company provides lithium power systems comprising solar panels, chargers and inverters, system monitoring, alternator regulators, accessories, and others.