Dragonfly Energy (NASDAQ:DFLI) Cut to “Strong Sell” at Zacks Research

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

Other research analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Dragonfly Energy in a report on Monday, December 29th. Canaccord Genuity Group dropped their price target on Dragonfly Energy from $22.50 to $3.25 and set a “buy” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.08.

Dragonfly Energy Trading Down 1.5%

Dragonfly Energy stock opened at $2.02 on Wednesday. The firm has a market capitalization of $24.40 million, a P/E ratio of -0.06 and a beta of -0.12. The stock has a fifty day moving average price of $2.95 and a 200 day moving average price of $5.87. Dragonfly Energy has a 52 week low of $1.50 and a 52 week high of $26.10.

Hedge Funds Weigh In On Dragonfly Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DFLI. KFG Wealth Management LLC lifted its holdings in Dragonfly Energy by 85.4% during the third quarter. KFG Wealth Management LLC now owns 184,124 shares of the company’s stock worth $110,000 after acquiring an additional 84,798 shares in the last quarter. State Street Corp acquired a new position in Dragonfly Energy in the fourth quarter valued at about $39,000. Jane Street Group LLC bought a new stake in shares of Dragonfly Energy in the fourth quarter worth about $266,000. Alyeska Investment Group L.P. acquired a new stake in shares of Dragonfly Energy during the fourth quarter worth about $2,285,000. Finally, Essex Investment Management Co. LLC bought a new position in shares of Dragonfly Energy during the 4th quarter valued at about $602,000. 8.19% of the stock is currently owned by institutional investors and hedge funds.

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.