Safe Pro Group Inc. (NASDAQ:SPAI) Short Interest Up 32.1% in December

Safe Pro Group Inc. (NASDAQ:SPAI) saw a significant growth in short interest during the month of December. As of December 31st, there was short interest totaling 613,634 shares, a growth of 32.1% from the December 15th total of 464,648 shares. Based on an average trading volume of 648,605 shares, the days-to-cover ratio is currently 0.9 days. Approximately 6.5% of the company’s shares are sold short. Approximately 6.5% of the company’s shares are sold short. Based on an average trading volume of 648,605 shares, the days-to-cover ratio is currently 0.9 days.

Safe Pro Group Stock Performance

Shares of NASDAQ:SPAI opened at $6.40 on Friday. The firm’s 50 day simple moving average is $4.69 and its 200-day simple moving average is $5.26. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.16 and a current ratio of 7.60. Safe Pro Group has a one year low of $1.47 and a one year high of $9.16. The firm has a market cap of $134.21 million, a PE ratio of -8.53 and a beta of 3.71.

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

Safe Pro Group declared that its Board of Directors has initiated a stock buyback program on Thursday, December 18th that allows the company to buyback $3.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Safe Pro Group

Several hedge funds have recently modified their holdings of the business. Citadel Advisors LLC purchased a new position in Safe Pro Group during the third quarter valued at approximately $3,940,000. Cresset Asset Management LLC boosted its position in Safe Pro Group by 95.6% during the 3rd quarter. Cresset Asset Management LLC now owns 283,485 shares of the company’s stock valued at $1,990,000 after acquiring an additional 138,556 shares in the last quarter. Tudor Investment Corp ET AL bought a new stake in Safe Pro Group during the 3rd quarter valued at $1,785,000. NewEdge Advisors LLC purchased a new position in shares of Safe Pro Group in the 3rd quarter valued at $393,000. Finally, Forefront Wealth Management Inc. bought a new position in shares of Safe Pro Group in the 3rd quarter worth $214,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Wall Street Zen lowered Safe Pro Group from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. 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 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Safe Pro Group in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average 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. 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.