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 company traded as low as C$0.64 and last traded at C$0.67. Approximately 3,042,139 shares traded hands during trading, an increase of 50% from the average daily volume of 2,023,564 shares. The stock had previously closed at C$0.72.

Analysts Set New Price Targets

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

Volatus Aerospace Trading Down 6.9%

The firm’s 50-day moving average price is C$0.85 and its 200-day moving average price is C$0.70. The company has a quick ratio of 9.02, a current ratio of 0.71 and a debt-to-equity ratio of 566.20. The company 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 quarterly earnings results on Tuesday, March 31st. The aerospace company reported C($0.01) earnings per share (EPS) for the quarter. Volatus Aerospace had a negative net margin of 27.14% and a negative return on equity of 115.14%. The business had revenue of C$7.30 million during the quarter. As a group, equities research analysts expect that Volatus Aerospace Inc. will post -0.01 earnings per share for the current fiscal year.

About Volatus Aerospace

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.