Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) Sees Large Decline in Short Interest

Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) was the recipient of a significant decline in short interest in the month of February. As of February 27th, there was short interest totaling 1,207,117 shares, a decline of 18.3% from the February 12th total of 1,476,898 shares. Currently, 10.3% of the shares of the company are sold short. Based on an average daily volume of 284,037 shares, the days-to-cover ratio is currently 4.2 days. Based on an average daily volume of 284,037 shares, the days-to-cover ratio is currently 4.2 days. Currently, 10.3% of the shares of the company are sold short.

Dragonfly Energy Trading Up 8.7%

Shares of NASDAQ DFLI opened at $2.99 on Friday. Dragonfly Energy has a 12-month low of $1.50 and a 12-month high of $26.10. The company has a market cap of $36.12 million, a price-to-earnings ratio of -0.10 and a beta of -0.12. The stock’s 50 day simple moving average is $3.12 and its 200 day simple moving average is $5.91.

Institutional Investors Weigh In On Dragonfly Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. KFG Wealth Management LLC boosted its holdings in shares of Dragonfly Energy by 85.4% during the third quarter. KFG Wealth Management LLC now owns 184,124 shares of the company’s stock valued at $110,000 after acquiring an additional 84,798 shares during the period. Legato Capital Management LLC bought a new position in shares of Dragonfly Energy during the fourth quarter worth about $185,000. Jane Street Group LLC acquired a new stake in shares of Dragonfly Energy in the 4th quarter worth about $266,000. State Street Corp bought a new stake in Dragonfly Energy in the 4th quarter valued at about $39,000. Finally, Alyeska Investment Group L.P. bought a new stake in Dragonfly Energy in the 4th quarter valued at about $2,285,000. 8.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DFLI has been the topic of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Dragonfly Energy in a report on Monday, December 29th. Canaccord Genuity Group lifted their price target on shares of Dragonfly Energy from $10.00 to $22.50 and gave the company a “buy” rating in a report on Monday, November 17th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.50.

About Dragonfly Energy

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.