Draganfly (NASDAQ:DPRO) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Draganfly (NASDAQ:DPRO) from a hold rating to a strong sell rating in a report published on Monday,Zacks reports.

Several other research analysts have also weighed in on the stock. LADENBURG THALM/SH SH reduced their price objective on shares of Draganfly from $12.75 to $11.50 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Wall Street Zen downgraded shares of Draganfly from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Draganfly in a report on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.62.

Draganfly Stock Down 6.0%

Shares of Draganfly stock opened at $4.70 on Monday. The business has a fifty day simple moving average of $5.08 and a 200 day simple moving average of $5.34. The stock has a market cap of $161.57 million, a PE ratio of -6.03 and a beta of 2.91. Draganfly has a 12 month low of $3.78 and a 12 month high of $14.40.

Draganfly (NASDAQ:DPRO) last released its earnings results on Monday, August 10th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.13). The company had revenue of $1.93 million during the quarter, compared to analyst estimates of $2.56 million. Draganfly had a negative net margin of 355.34% and a negative return on equity of 26.61%. Draganfly’s revenue for the quarter was up 26.0% compared to the same quarter last year. Analysts expect that Draganfly will post -0.83 EPS for the current fiscal year.

Institutional Trading of Draganfly

Large investors have recently bought and sold shares of the business. World Investment Advisors acquired a new stake in Draganfly in the 4th quarter valued at approximately $285,000. Bank of New York Mellon Corp bought a new stake in Draganfly in the 2nd quarter valued at approximately $62,000. GK Wealth Management LLC acquired a new position in Draganfly during the 2nd quarter worth approximately $55,000. Finally, Purpose Unlimited Inc. acquired a new position in Draganfly during the 4th quarter worth approximately $43,000. 10.39% of the stock is owned by institutional investors.

About Draganfly

Draganfly Inc is a Canadian drone technology company that develops and provides unmanned aerial systems, software and related services. The company designs and manufactures drones for applications that include public safety, emergency response, industrial inspection, agriculture, mapping, surveying, delivery and defense-related operations.

Its product portfolio includes multirotor and fixed-wing aircraft, customized unmanned systems, drone payloads and autonomous flight technologies. Draganfly also provides data collection, aerial imaging, engineering, training and drone-as-a-service solutions designed to help organizations gather information and perform tasks remotely.

Founded in 1999, Draganfly describes itself as one of the oldest commercial drone manufacturers.