Draganfly (NASDAQ:DPRO) Stock Price Target Lowered at Needham & Company LLC

Draganfly (NASDAQ:DPRO) had its target price cut by Needham & Company LLC from $8.00 to $6.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently issued reports on DPRO. Ladenburg Thalmann & Co. Inc. decreased their price objective on shares of Draganfly from $12.75 to $11.50 and set a “buy” rating for the company in a report on Thursday, August 13th. Zacks Research upgraded shares of Draganfly from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 3rd. Finally, Wall Street Zen lowered Draganfly from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $11.12.

Draganfly Trading Down 6.5%

NASDAQ DPRO opened at $3.00 on Wednesday. Draganfly has a 1-year low of $2.68 and a 1-year high of $10.62. The firm’s fifty day simple moving average is $4.59 and its 200-day simple moving average is $5.47. The company has a market capitalization of $103.13 million, a PE ratio of -3.53 and a beta of 3.02.

Draganfly (NASDAQ:DPRO) last issued its earnings results on Tuesday, November 10th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.06). Draganfly had a negative net margin of 444.97% and a negative return on equity of 29.07%. The firm had revenue of $2.88 million during the quarter, compared to analysts’ expectations of $2.69 million. As a group, analysts predict that Draganfly will post -0.83 EPS for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Draganfly stock. Bank of New York Mellon Corp acquired a new stake in Draganfly Inc. (NASDAQ:DPRO) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 11,511 shares of the company’s stock, valued at approximately $62,000. Institutional investors own 10.39% of the company’s stock.

Key Headlines Impacting Draganfly

Here are a few of the latest headlines about DPRO:

• Positive Sentiment: Draganfly said the Government of Canada selected it to supply up to 5,000 tactical ISR drones to the Canadian Armed Forces. It also qualified for all five streams of Canada’s Defence Drone Initiative Marketplace, giving it access to future procurement opportunities. Draganfly Q3 results
• Positive Sentiment: The company reported $128.6 million in cash at September 30 and announced US$10 million in strategic investments. These resources support its pursuit of defense, public-safety and commercial opportunities. Draganfly Q3 results
• Positive Sentiment: An FAA exemption permits specified U.S. commercial operations of Draganfly’s Heavy Lift platform above the standard 55-pound limit, potentially broadening its deployment opportunities. Draganfly Q3 results

About Draganfly

Draganfly Inc. is a Canadian drone technology company that develops and provides unmanned aerial systems, software and related services. Its solutions are designed for public safety, defense and security, agriculture, industrial inspection, mapping, surveying, environmental monitoring and delivery applications. The company’s offerings include remotely piloted aircraft, autonomous drone systems, payloads, flight-control technology, data-collection tools and professional services. Draganfly also provides drone design, manufacturing, training, consulting and operational support, helping organizations collect aerial imagery and other data for analysis and decision-making.