Volatus Aerospace (TSE:FLT) Shares Down 6.9% – Here’s What Happened

Volatus Aerospace Inc. (TSE:FLT) dropped 6.9% during mid-day trading on Thursday . The stock traded as low as C$0.64 and last traded at C$0.67. Approximately 3,042,139 shares traded hands during mid-day trading, an increase of 50% from the average daily volume of 2,023,564 shares. The stock had previously closed at C$0.72.

Wall Street Analysts Forecast Growth

Separately, Haywood Securities set a C$0.90 target price on shares of Volatus Aerospace and gave the stock a “buy” rating in a report on Tuesday, February 3rd. Two analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Strong Buy” and a consensus price target of C$0.88.

Volatus Aerospace Stock Down 6.9%

The stock’s fifty day moving average is C$0.85 and its two-hundred day moving average is C$0.70. The company has a current ratio of 0.71, a quick ratio of 9.02 and a debt-to-equity ratio of 566.20. The firm has a market cap of C$453.35 million, a P/E ratio of -16.75 and a beta of 3.01.

Volatus Aerospace (TSE:FLT) last posted its earnings results on Tuesday, March 31st. The aerospace company reported C($0.01) earnings per share for the quarter. The firm had revenue of C$7.30 million for the quarter. Volatus Aerospace had a negative return on equity of 115.14% and a negative net margin of 27.14%. As a group, research analysts anticipate that Volatus Aerospace Inc. will post -0.01 earnings per share for the current year.

Volatus Aerospace Company Profile

Volatus Aerospace Inc provides integrated aerial intelligence, drone logistics and aerospace solutions internationally.

The company offers drone inspection, surveillance, lidar, geomatics, mapping, pipeline monitoring, wildfire support, crewed aviation, drone delivery and training services, as well as remotely piloted aircraft systems and related software platforms. It serves customers in industries including oil and gas, energy and utilities, defense, construction and engineering, infrastructure, mining, agriculture, government, public safety and property development.

The company was formed through the merger of Drone Delivery Canada Corp.