Drone Delivery Canada (CVE:FLT) Shares Up 6.3% – Here’s Why

Shares of Drone Delivery Canada Corp. (CVE:FLT) traded up 6.3% during mid-day trading on Tuesday . The stock traded as high as C$0.68 and last traded at C$0.68. 2,723,573 shares traded hands during trading, an increase of 55% from the average session volume of 1,752,885 shares. The stock had previously closed at C$0.64.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Stifel Nicolaus set a C$0.85 price objective on shares of Drone Delivery Canada and gave the stock a “buy” rating in a report on Thursday, November 27th. Maxim Group upgraded Drone Delivery Canada to a “strong-buy” rating in a research report on Wednesday, December 10th. Finally, Haywood Securities set a C$0.90 price target on Drone Delivery Canada and gave the company a “buy” rating in a report on Tuesday, February 3rd. Two equities research analysts have rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Strong Buy” and an average price target of C$11.25.

Drone Delivery Canada Price Performance

The company has a quick ratio of 9.02, a current ratio of 0.46 and a debt-to-equity ratio of 67.19. The stock’s 50-day moving average price is C$0.60 and its 200-day moving average price is C$0.60. The company has a market capitalization of C$454.37 million, a price-to-earnings ratio of -22.67 and a beta of 2.69.

About Drone Delivery Canada

Drone Delivery Canada Corp. designs, develops, and implements a commercial drone-based logistics platform in Canada and internationally. The company's logistics infrastructure solution is an integrated turnkey logistics platform, which include industrial-grade drones, automated DroneSpot depots, automated battery management systems, a detect and avoid radar system, and proprietary FLYTE software to integrate various components into a solution. It serves governments; commercial and industrial applications, such as emergency services, medical, last-mile delivery, mining, oil and gas, agriculture, parcel delivery, postal mail, and military/security; and indigenous and non-indigenous remote communities.