Safe Pro Group (NASDAQ:SPAI) Board of Directors Authorizes Share Repurchase Plan

Safe Pro Group (NASDAQ:SPAI) announced that its board has initiated a share repurchase program on Thursday, December 18th, RTT News reports. The company plans to buyback $3.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Safe Pro Group Trading Up 5.3%

NASDAQ:SPAI traded up $0.17 during mid-day trading on Thursday, hitting $3.40. 3,198,987 shares of the company’s stock were exchanged, compared to its average volume of 183,218. The company has a current ratio of 7.60, a quick ratio of 7.16 and a debt-to-equity ratio of 0.02. Safe Pro Group has a fifty-two week low of $1.47 and a fifty-two week high of $9.16. The company has a 50 day simple moving average of $5.43 and a 200-day simple moving average of $4.93. The firm has a market capitalization of $71.30 million, a P/E ratio of -4.53 and a beta of 3.53.

Safe Pro Group (NASDAQ:SPAI) last issued its quarterly earnings results on Friday, November 14th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.18). The business had revenue of $0.10 million for the quarter, compared to analyst estimates of $0.10 million. Safe Pro Group had a negative return on equity of 280.18% and a negative net margin of 968.74%.

Wall Street Analyst Weigh In

SPAI has been the subject of several research reports. Lake Street Capital started coverage on shares of Safe Pro Group in a research report on Tuesday, November 18th. They set a “buy” rating and a $9.00 price objective for the company. Wall Street Zen cut Safe Pro Group from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Safe Pro Group in a research note on Wednesday, October 8th. Northland Securities assumed coverage on Safe Pro Group in a report on Tuesday, September 9th. They set an “outperform” rating and a $13.00 target price for the company. Finally, Northland Capmk raised shares of Safe Pro Group to a “strong-buy” rating in a research report on Tuesday, September 9th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $10.00.

About Safe Pro Group

Safe Pro Group, Inc engages in the provision and acquisition of security and protection products. Its products include Artificial Intelligence (AI) and Machine Learning (ML) software technology and photogrammetry analysis tools, bullet and blast resistant personal protection equipment, and aerial managed services and mission-critical uncrewed solutions.