Dragonfly Energy (NASDAQ:DFLI) Shares Down 0.6% – Time to Sell?

Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) shares dropped 0.6% during trading on Wednesday . The company traded as low as $1.70 and last traded at $1.74. Approximately 195,958 shares were traded during mid-day trading, a decline of 50% from the average session volume of 395,133 shares. The stock had previously closed at $1.75.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Zacks Research downgraded Dragonfly Energy from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Dragonfly Energy in a research note on Friday, May 1st. Canaccord Genuity Group lowered their price target on shares of Dragonfly Energy from $22.50 to $3.25 and set a “buy” rating for the company in a report on Tuesday, March 17th. Finally, Wall Street Zen raised shares of Dragonfly Energy from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $3.25.

Dragonfly Energy Trading Down 0.6%

The company has a current ratio of 2.41, a quick ratio of 0.95 and a debt-to-equity ratio of 2.53. The firm has a fifty day simple moving average of $1.95 and a two-hundred day simple moving average of $2.52. The firm has a market cap of $22.29 million, a PE ratio of -0.07 and a beta of 0.22.

Dragonfly Energy (NASDAQ:DFLI) last posted its earnings results on Thursday, May 14th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.12). The firm had revenue of $9.70 million during the quarter, compared to analysts’ expectations of $9.47 million. Equities analysts forecast that Dragonfly Energy Holdings Corp. will post -1.35 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. bought a new position in Dragonfly Energy in the 4th quarter worth $2,285,000. Essex Investment Management Co. LLC bought a new stake in shares of Dragonfly Energy during the 4th quarter valued at about $602,000. Jane Street Group LLC bought a new stake in shares of Dragonfly Energy during the 4th quarter valued at about $266,000. Legato Capital Management LLC purchased a new position in shares of Dragonfly Energy during the fourth quarter valued at about $185,000. Finally, J. Derek Lewis & Associates Inc. purchased a new position in shares of Dragonfly Energy during the fourth quarter valued at about $163,000. 8.19% of the stock is owned by hedge funds and other institutional investors.

Dragonfly Energy Company Profile

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.