Draganfly (NASDAQ:DPRO) Stock Price Up 11.6% – Here’s What Happened

Draganfly Inc. (NASDAQ:DPRO)’s share price shot up 11.6% on Friday . The company traded as high as $11.28 and last traded at $10.95. 5,103,845 shares changed hands during trading, an increase of 110% from the average session volume of 2,424,974 shares. The stock had previously closed at $9.81.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wall Street Zen cut shares of Draganfly from a “hold” rating to a “sell” rating in a research note on Saturday. Needham & Company LLC began coverage on Draganfly in a research report on Thursday. They issued a “buy” rating and a $20.00 price objective on the stock. Finally, HC Wainwright set a $14.00 price objective on Draganfly and gave the company a “buy” rating in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $17.00.

Draganfly Price Performance

The firm’s 50-day moving average is $7.60 and its 200-day moving average is $4.80. The company has a quick ratio of 4.80, a current ratio of 5.29 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $59.44 million, a PE ratio of -6.40 and a beta of 2.58.

Draganfly (NASDAQ:DPRO) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.02. The firm had revenue of $1.55 million for the quarter, compared to the consensus estimate of $2.24 million. Draganfly had a negative net margin of 181.76% and a negative return on equity of 197.71%. Equities analysts predict that Draganfly Inc. will post -3.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DPRO. Kieckhefer Group LLC raised its holdings in shares of Draganfly by 57.3% during the third quarter. Kieckhefer Group LLC now owns 315,657 shares of the company’s stock valued at $2,569,000 after acquiring an additional 115,000 shares in the last quarter. DNB Asset Management AS bought a new position in Draganfly in the second quarter worth $340,000. XTX Topco Ltd bought a new position in Draganfly in the second quarter worth $65,000. Jane Street Group LLC purchased a new position in Draganfly during the second quarter valued at $35,000. Finally, SG Americas Securities LLC bought a new stake in shares of Draganfly during the 3rd quarter valued at $89,000. Institutional investors own 10.39% of the company’s stock.

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 quadcopters, fixed-wing aircraft, ground-based robots, handheld controllers, and flight training, as well as software used for tracking, live streaming, and data collection.