Dragonfly Energy (NASDAQ:DFLI) Lowered to Strong Sell Rating by Zacks Research

Dragonfly Energy (NASDAQ:DFLI) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Canaccord Genuity Group reduced their target price on shares of Dragonfly Energy from $22.50 to $3.25 and set a “buy” rating on the stock in a report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Dragonfly Energy in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.08.

Dragonfly Energy Stock Performance

DFLI opened at $2.05 on Wednesday. Dragonfly Energy has a 1 year low of $1.50 and a 1 year high of $26.10. The firm 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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DFLI. State Street Corp acquired a new position in shares of Dragonfly Energy in the fourth quarter worth about $39,000. OMERS ADMINISTRATION Corp acquired a new stake in Dragonfly Energy during the 4th quarter valued at approximately $47,000. Legato Capital Management LLC purchased a new stake in Dragonfly Energy during the 4th quarter worth approximately $185,000. KFG Wealth Management LLC raised its position in shares of Dragonfly Energy by 85.4% in the 3rd quarter. KFG Wealth Management LLC now owns 184,124 shares of the company’s stock valued at $110,000 after purchasing an additional 84,798 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Dragonfly Energy in the 4th quarter valued at approximately $266,000. 8.19% of the stock is owned by hedge funds and other institutional investors.

Dragonfly Energy Company Profile

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.