Canaccord Genuity Group Issues Pessimistic Forecast for Dragonfly Energy (NASDAQ:DFLI) Stock Price

Dragonfly Energy (NASDAQ:DFLI) had its target price reduced by Canaccord Genuity Group from $1.50 to $1.25 in a research note released on Friday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Dragonfly Energy Trading Down 8.4 %

Shares of DFLI stock opened at $0.49 on Friday. The company has a quick ratio of 0.26, a current ratio of 0.90 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $30.78 million, a P/E ratio of -1.09 and a beta of -0.83. Dragonfly Energy has a 12-month low of $0.43 and a 12-month high of $1.46. The firm has a 50-day moving average price of $0.55 and a 200 day moving average price of $0.73.

Institutional Investors Weigh In On Dragonfly Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KFG Wealth Management LLC increased its position in Dragonfly Energy by 37.2% in the 2nd quarter. KFG Wealth Management LLC now owns 423,830 shares of the company’s stock valued at $359,000 after acquiring an additional 115,000 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Dragonfly Energy in the 2nd quarter valued at about $48,000. Finally, AQR Capital Management LLC acquired a new stake in Dragonfly Energy in the 2nd quarter valued at about $37,000. Institutional investors and hedge funds own 8.19% of the company’s stock.

Dragonfly Energy Company Profile

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.