Draganfly (NASDAQ:DPRO) Trading Down 5.9% – Here’s Why

Shares of Draganfly Inc. (NASDAQ:DPRO) fell 5.9% on Friday . The stock traded as low as $2.21 and last traded at $2.23. 52,424 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 106,115 shares. The stock had previously closed at $2.37.

Analysts Set New Price Targets

Several brokerages recently commented on DPRO. HC Wainwright upped their target price on Draganfly from $0.50 to $7.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Maxim Group assumed coverage on Draganfly in a report on Wednesday, October 2nd. They set a “buy” rating and a $7.00 price target on the stock.

Draganfly Trading Down 6.8 %

The firm’s fifty day moving average price is $2.63 and its two-hundred day moving average price is $4.51. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23.

Draganfly (NASDAQ:DPRO) last issued its earnings results on Tuesday, August 13th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $1.27 million during the quarter, compared to analyst estimates of $2.07 million. Draganfly had a negative return on equity of 1,845.76% and a negative net margin of 303.16%. Equities analysts anticipate that Draganfly Inc. will post -5.03 EPS for the current year.

Hedge Funds Weigh In On Draganfly

A number of institutional investors have recently modified their holdings of the company. Ground Swell Capital LLC bought a new stake in Draganfly during the 3rd quarter valued at $28,000. Integrated Advisors Network LLC acquired a new position in shares of Draganfly during the third quarter valued at about $52,000. Finally, Armistice Capital LLC bought a new stake in shares of Draganfly during the second quarter worth about $1,515,000. 10.39% of the stock is owned by institutional investors and hedge funds.

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 quad-?copters, ???fixed wing ?aircrafts, ground based robots, handheld controllers, and flight training, as well as software ?used for tracking, live ???streaming, ?and data collection.