Dragonfly Energy (NASDAQ:DFLI) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Dragonfly Energy (NASDAQ:DFLI) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Canaccord Genuity Group lowered their price target on Dragonfly Energy from $22.50 to $3.25 and set a “buy” rating on the stock in a research report on Tuesday. Weiss Ratings reissued 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 given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.08.

Dragonfly Energy Price Performance

Dragonfly Energy stock opened at $2.05 on Wednesday. The company has a market cap of $24.76 million, a price-to-earnings ratio of -0.06 and a beta of -0.12. The firm has a 50-day moving average of $2.99 and a 200-day moving average of $5.87. Dragonfly Energy has a one year low of $1.50 and a one year high of $26.10.

Institutional Trading of Dragonfly Energy

Hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. bought a new stake in shares of Dragonfly Energy during the 4th quarter worth about $2,285,000. Essex Investment Management Co. LLC acquired a new stake in Dragonfly Energy during the 4th quarter worth approximately $602,000. KFG Wealth Management LLC lifted its holdings in Dragonfly Energy by 85.4% during the 3rd quarter. KFG Wealth Management LLC now owns 184,124 shares of the company’s stock worth $110,000 after purchasing an additional 84,798 shares during the last quarter. Jane Street Group LLC bought a new stake in Dragonfly Energy in the 4th quarter valued at $266,000. Finally, Legato Capital Management LLC acquired a new position in Dragonfly Energy in the 4th quarter valued at $185,000. Institutional investors and hedge funds own 8.19% of the company’s stock.

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.