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

Zacks Research cut shares of Safe Pro Group (NASDAQ:SPAI) from a hold rating to a strong sell rating in a report released on Thursday,Zacks.com reports.

Several other equities analysts also recently weighed in on the company. Lake Street Capital assumed coverage on Safe Pro Group in a research report on Tuesday, November 18th. They issued a “buy” rating and a $9.00 target price for the company. Wall Street Zen cut shares of Safe Pro Group from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Safe Pro Group in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock 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 business’s 50 day moving average is $4.90 and its two-hundred day moving average is $5.50. Safe Pro Group has a 52-week low of $1.47 and a 52-week high of $9.16. The firm has a market cap of $92.28 million, a price-to-earnings ratio of -5.87 and a beta of 3.72.

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

Safe Pro Group declared that its board has approved a stock repurchase program on Thursday, December 18th that permits the company to buyback $3.00 million in shares. This buyback authorization permits the company to reacquire up to 4.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Safe Pro Group

Several institutional investors have recently modified their holdings of SPAI. Atlantic Union Bankshares Corp purchased a new position in Safe Pro Group in the fourth quarter valued at $42,000. Prospera Financial Services Inc acquired a new position in shares of Safe Pro Group during the 3rd quarter worth about $82,000. Forefront Wealth Management Inc. acquired a new position in shares of Safe Pro Group during the 3rd quarter worth about $214,000. Forefront Wealth Partners LLC purchased a new position in shares of Safe Pro Group in the 3rd quarter valued at about $214,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of Safe Pro Group during the 3rd quarter worth about $393,000.

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.