Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) Sees Significant Growth in Short Interest

Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totaling 1,355,921 shares, an increase of 19.5% from the March 15th total of 1,134,958 shares. Currently, 11.5% of the shares of the stock are short sold. Based on an average trading volume of 697,866 shares, the days-to-cover ratio is currently 1.9 days.

Hedge Funds Weigh In On Dragonfly Energy

A number of institutional investors and hedge funds have recently modified their holdings of DFLI. Alyeska Investment Group L.P. bought a new position in shares of Dragonfly Energy during the 4th quarter worth approximately $2,285,000. Essex Investment Management Co. LLC bought a new position in shares of Dragonfly Energy during the 4th quarter worth approximately $602,000. Jane Street Group LLC bought a new position in shares of Dragonfly Energy during the 4th quarter worth approximately $266,000. KFG Wealth Management LLC boosted its holdings in shares of Dragonfly Energy by 85.4% during the 3rd quarter. KFG Wealth Management LLC now owns 184,124 shares of the company’s stock worth $110,000 after buying an additional 84,798 shares in the last quarter. Finally, Legato Capital Management LLC bought a new position in shares of Dragonfly Energy during the 4th quarter worth approximately $185,000. 8.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on DFLI shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Dragonfly Energy in a research note on Monday, December 29th. Wall Street Zen downgraded Dragonfly Energy from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Canaccord Genuity Group lowered their price objective on Dragonfly Energy from $22.50 to $3.25 and set a “buy” rating for the company in a research note on Tuesday, March 17th. Finally, Zacks Research downgraded Dragonfly Energy from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 18th. One equities research 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $3.25.

Dragonfly Energy Price Performance

Dragonfly Energy stock opened at $1.99 on Friday. The stock has a market capitalization of $24.18 million, a price-to-earnings ratio of -0.06 and a beta of 0.03. Dragonfly Energy has a 52-week low of $1.50 and a 52-week high of $26.10. The stock’s 50 day moving average price is $2.30 and its two-hundred day moving average price is $5.69. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.31 and a current ratio of 2.54.

About Dragonfly Energy

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.