Safe Pro Group (NASDAQ:SPAI) Rating Lowered to “Strong Sell” at Zacks Research

Safe Pro Group (NASDAQ:SPAI) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other research firms also recently weighed in on SPAI. Lake Street Capital began coverage on Safe Pro Group in a research note on Tuesday, November 18th. They set a “buy” rating and a $9.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Safe Pro Group in a report on Thursday, January 22nd. Finally, Wall Street Zen cut Safe Pro Group from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.00.

Safe Pro Group Stock Up 10.8%

Shares of NASDAQ SPAI opened at $4.40 on Thursday. 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 firm has a market cap of $92.27 million, a PE ratio of -5.87 and a beta of 3.72. The company’s fifty day simple moving average is $4.90 and its 200 day simple moving average is $5.49. Safe Pro Group has a 12-month low of $1.47 and a 12-month high of $9.16.

Safe Pro Group (NASDAQ:SPAI) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.18). The company had revenue of $0.10 million during the quarter, compared to the consensus estimate of $0.10 million. Safe Pro Group had a negative net margin of 968.74% and a negative return on equity of 280.18%.

Safe Pro Group announced that its Board of Directors has approved a stock repurchase program on Thursday, December 18th that authorizes the company to repurchase $3.00 million in shares. This repurchase authorization authorizes the company to purchase up to 4.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Safe Pro Group

Institutional investors have recently bought and sold shares of the stock. Cresset Asset Management LLC boosted its stake in shares of Safe Pro Group by 4.6% in the 2nd quarter. Cresset Asset Management LLC now owns 144,929 shares of the company’s stock worth $399,000 after buying an additional 6,346 shares during the last quarter. Forefront Wealth Partners LLC purchased a new stake in shares of Safe Pro Group during the third quarter valued at approximately $214,000. Forefront Wealth Management Inc. bought a new stake in Safe Pro Group during the third quarter worth $214,000. Prospera Financial Services Inc purchased a new position in Safe Pro Group in the third quarter worth $82,000. Finally, Citadel Advisors LLC bought a new position in Safe Pro Group in the 3rd quarter valued at $3,940,000.

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.