Safe Pro Group (NASDAQ:SPAI) Board of Directors Approves Share Repurchase Plan

Safe Pro Group (NASDAQ:SPAI) declared that its board has authorized a stock buyback program on Thursday, December 18th, RTT News reports. The company plans to repurchase $3.00 million in shares. This repurchase authorization allows the company to purchase up to 4.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Safe Pro Group Stock Up 5.3%

NASDAQ SPAI traded up $0.17 on Thursday, reaching $3.40. The company had a trading volume of 3,198,987 shares, compared to its average volume of 183,218. 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 company’s fifty day moving average is $5.43 and its 200 day moving average is $4.93. Safe Pro Group has a 52-week low of $1.47 and a 52-week high of $9.16. The stock has a market capitalization of $71.30 million, a P/E ratio of -4.53 and a beta of 3.53.

Safe Pro Group (NASDAQ:SPAI) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $0.10 million.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SPAI shares. Lake Street Capital initiated coverage on Safe Pro Group in a report on Tuesday, November 18th. They issued a “buy” rating and a $9.00 target price for the company. Northland Securities assumed coverage on shares of Safe Pro Group in a research report on Tuesday, September 9th. They set an “outperform” rating and a $13.00 target price on the stock. Wall Street Zen lowered shares of Safe Pro Group from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Safe Pro Group in a report on Wednesday, October 8th. Finally, Northland Capmk upgraded Safe Pro Group to a “strong-buy” rating in a report on Tuesday, September 9th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Safe Pro Group currently has a consensus rating of “Buy” and a consensus target price of $10.00.

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.