Cresset Asset Management LLC Buys 138,556 Shares of Safe Pro Group Inc. $SPAI

Cresset Asset Management LLC boosted its position in Safe Pro Group Inc. (NASDAQ:SPAI) by 95.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 283,485 shares of the company’s stock after purchasing an additional 138,556 shares during the quarter. Cresset Asset Management LLC’s holdings in Safe Pro Group were worth $1,990,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SPAI. Forefront Wealth Management Inc. purchased a new position in Safe Pro Group during the 3rd quarter valued at about $214,000. Forefront Wealth Partners LLC purchased a new stake in Safe Pro Group in the third quarter worth about $214,000. Finally, Prospera Financial Services Inc purchased a new stake in Safe Pro Group in the third quarter worth about $82,000.

Safe Pro Group Trading Up 8.5%

NASDAQ:SPAI opened at $4.99 on Friday. The company’s 50 day moving average price is $4.92 and its 200-day moving average price is $5.59. Safe Pro Group Inc. has a 52 week low of $1.47 and a 52 week high of $9.16. The company has a quick ratio of 7.16, a current ratio of 7.60 and a debt-to-equity ratio of 0.02. The stock has a market cap of $104.66 million, a price-to-earnings ratio of -6.65 and a beta of 3.59.

Safe Pro Group announced that its Board of Directors has approved a stock repurchase plan on Thursday, December 18th that allows the company to buyback $3.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

SPAI has been the subject of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Safe Pro Group in a report on Thursday, January 22nd. Lake Street Capital assumed coverage on Safe Pro Group in a research note on Tuesday, November 18th. They issued a “buy” rating and a $9.00 price target on the stock. Wall Street Zen lowered Safe Pro Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 22nd. Finally, Zacks Research cut Safe Pro Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.00.

Safe Pro Group Company Profile

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.