Canaccord Genuity Group Cuts Dragonfly Energy (NASDAQ:DFLI) Price Target to $3.25

Dragonfly Energy (NASDAQ:DFLI) had its target price cut by Canaccord Genuity Group from $22.50 to $3.25 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Dragonfly Energy in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.08.

Dragonfly Energy Stock Down 7.7%

Shares of Dragonfly Energy stock opened at $2.05 on Tuesday. Dragonfly Energy has a 52 week low of $1.50 and a 52 week high of $26.10. The business has a 50 day moving average price of $2.99 and a 200-day moving average price of $5.87. The company has a market cap of $24.76 million, a PE ratio of -0.06 and a beta of -0.12.

Hedge Funds Weigh In On Dragonfly Energy

Several hedge funds have recently modified their holdings of DFLI. State Street Corp purchased a new position in shares of Dragonfly Energy in the 4th quarter worth approximately $39,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Dragonfly Energy during the fourth quarter valued at approximately $47,000. KFG Wealth Management LLC increased its position in shares of Dragonfly Energy by 85.4% during the third quarter. KFG Wealth Management LLC now owns 184,124 shares of the company’s stock valued at $110,000 after acquiring an additional 84,798 shares during the last quarter. Legato Capital Management LLC bought a new stake in Dragonfly Energy during the fourth quarter worth $185,000. Finally, Jane Street Group LLC purchased a new position in Dragonfly Energy in the fourth quarter worth $266,000. Institutional investors own 8.19% of the company’s stock.

About Dragonfly Energy

Dragonfly Energy Corp. is a designer and manufacturer of lithium iron phosphate (LiFePO4) battery systems geared toward mobile, residential and commercial energy storage applications. The company develops modular battery packs and integrated power management solutions that focus on safety, long cycle life and compact form factors. Dragonfly’s core product lineup includes 12-volt and 24-volt battery modules, as well as multi-unit rack systems tailored for backup power, solar energy storage and off-grid installations.

Serving a broad range of end markets, Dragonfly Energy’s batteries are commonly deployed in recreational vehicles, marine vessels, overland expedition setups and residential solar arrays.