Safe Pro Group Inc. (NASDAQ:SPAI) Sees Significant Growth in Short Interest

Safe Pro Group Inc. (NASDAQ:SPAI) saw a large increase in short interest in February. As of February 27th, there was short interest totaling 766,233 shares, an increase of 38.8% from the February 12th total of 552,106 shares. Approximately 8.1% of the company’s shares are sold short. Based on an average trading volume of 820,176 shares, the days-to-cover ratio is presently 0.9 days. Based on an average trading volume of 820,176 shares, the days-to-cover ratio is presently 0.9 days. Approximately 8.1% of the company’s shares are sold short.

Safe Pro Group Stock Up 3.7%

SPAI stock opened at $5.00 on Monday. The company’s 50 day moving average price is $4.99 and its 200 day moving average price is $5.55. The firm has a market capitalization of $104.85 million, a price-to-earnings ratio of -6.67 and a beta of 3.58. 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 debt-to-equity ratio of 0.02, a quick ratio of 7.16 and a current ratio of 7.60.

Safe Pro Group announced that its board has initiated a stock buyback program on Thursday, December 18th that permits the company to buyback $3.00 million in shares. This buyback authorization permits the company to repurchase up to 4.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

SPAI has been the topic of several research reports. Lake Street Capital assumed 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 target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Safe Pro Group in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Safe Pro Group from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Finally, Zacks Research cut shares of Safe Pro Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 5th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Institutional Trading of Safe Pro Group

A number of hedge funds and other institutional investors have recently bought and sold shares of SPAI. Cresset Asset Management LLC boosted its position in shares of Safe Pro Group by 4.6% during the 2nd quarter. Cresset Asset Management LLC now owns 144,929 shares of the company’s stock worth $399,000 after acquiring an additional 6,346 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Safe Pro Group during the 4th quarter worth about $42,000. Barclays PLC purchased a new stake in Safe Pro Group during the fourth quarter worth approximately $44,000. Prospera Financial Services Inc purchased a new stake in Safe Pro Group during the third quarter worth approximately $82,000. Finally, Renaissance Technologies LLC increased its stake in Safe Pro Group by 20.0% in the fourth quarter. Renaissance Technologies LLC now owns 77,500 shares of the company’s stock valued at $322,000 after purchasing an additional 12,900 shares during the last quarter.

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. The firm operates through the following segments: Safe-PRO USA, Airborne Response, and Safe Pro AI. The company was founded by Daniyel Erdberg on December 15, 2021 and is headquartered in Aventura, FL.