Safe Pro Group Inc. (NASDAQ:SPAI) Sees Large Drop in Short Interest

Safe Pro Group Inc. (NASDAQ:SPAI) saw a large drop in short interest in the month of February. As of February 13th, there was short interest totaling 552,106 shares, a drop of 23.7% from the January 29th total of 723,295 shares. Currently, 5.8% of the company’s shares are short sold. Based on an average daily volume of 160,203 shares, the days-to-cover ratio is presently 3.4 days. Based on an average daily volume of 160,203 shares, the days-to-cover ratio is presently 3.4 days. Currently, 5.8% of the company’s shares are short sold.

Safe Pro Group Stock Up 0.2%

Shares of Safe Pro Group stock opened at $5.02 on Wednesday. The business has a 50-day moving average price of $4.90 and a 200 day moving average price of $5.58. Safe Pro Group has a fifty-two week low of $1.47 and a fifty-two week high of $9.16. The firm has a market cap of $105.27 million, a P/E ratio of -6.69 and a beta of 3.59. The company has a quick ratio of 7.16, a current ratio of 7.60 and a debt-to-equity ratio of 0.02.

Safe Pro Group announced that its Board of Directors has authorized a share buyback plan on Thursday, December 18th that permits the company to repurchase $3.00 million in shares. This repurchase authorization permits the company to purchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SPAI. Weiss Ratings reissued a “sell (d-)” rating on shares of Safe Pro Group in a research note on Thursday, January 22nd. Zacks Research downgraded Safe Pro Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 5th. Lake Street Capital started 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. Finally, Wall Street Zen lowered Safe Pro Group from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Safe Pro Group currently has a consensus rating of “Moderate Buy” and an average price target of $10.00.

Hedge Funds Weigh In On Safe Pro Group

Several large investors have recently added to or reduced their stakes in the company. Cresset Asset Management LLC increased its stake in Safe Pro Group by 4.6% during the second quarter. Cresset Asset Management LLC now owns 144,929 shares of the company’s stock valued at $399,000 after purchasing an additional 6,346 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Safe Pro Group in the 4th quarter valued at about $42,000. Barclays PLC bought a new stake in shares of Safe Pro Group during the 4th quarter valued at about $44,000. Prospera Financial Services Inc bought a new stake in shares of Safe Pro Group during the 3rd quarter valued at about $82,000. Finally, Renaissance Technologies LLC raised its stake in Safe Pro Group by 20.0% during the fourth quarter. Renaissance Technologies LLC now owns 77,500 shares of the company’s stock worth $322,000 after acquiring an additional 12,900 shares during the period.

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.