Safe Pro Group Inc. (NASDAQ:SPAI) Sees Significant Growth in Short Interest

Safe Pro Group Inc. (NASDAQ:SPAI) was the recipient of a significant increase in short interest in February. As of February 27th, there was short interest totaling 766,233 shares, an increase of 38.8% from the February 12th total of 552,106 shares. Approximately 8.1% of the company’s shares are sold short. Based on an average daily trading volume, of 820,176 shares, the short-interest ratio is presently 0.9 days. Based on an average daily trading volume, of 820,176 shares, the short-interest ratio is presently 0.9 days. Approximately 8.1% of the company’s shares are sold short.

Safe Pro Group Stock Down 0.6%

NASDAQ:SPAI traded down $0.03 during trading hours on Friday, hitting $4.82. The stock had a trading volume of 263,307 shares, compared to its average volume of 577,089. The company has a market cap of $101.08 million, a PE ratio of -6.43 and a beta of 3.59. The business has a 50 day simple moving average of $4.99 and a two-hundred day simple moving average of $5.56. Safe Pro Group has a 1-year low of $1.47 and a 1-year high of $9.16. The company has a current ratio of 7.60, a quick ratio of 7.16 and a debt-to-equity ratio of 0.02.

Safe Pro Group announced that its board has initiated a stock buyback program on Thursday, December 18th that permits the company to buyback $3.00 million in outstanding shares. This buyback authorization permits the company to buy up to 4.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Zacks Research lowered shares of Safe Pro Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Safe Pro Group in a research report on Thursday, January 22nd. Wall Street Zen downgraded Safe Pro Group from a “hold” rating to a “sell” rating in a report on Saturday, November 22nd. Finally, Lake Street Capital began coverage on Safe Pro Group in a research report on Tuesday, November 18th. They issued a “buy” rating and a $9.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Safe Pro Group has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Institutional Trading of Safe Pro Group

Large investors have recently modified their holdings of the business. Cresset Asset Management LLC increased its position in shares of Safe Pro Group by 4.6% during the second quarter. Cresset Asset Management LLC now owns 144,929 shares of the company’s stock worth $399,000 after acquiring an additional 6,346 shares during the last quarter. Forefront Wealth Partners LLC purchased a new position in Safe Pro Group in the third quarter valued at about $214,000. Forefront Wealth Management Inc. acquired a new stake in Safe Pro Group during the 3rd quarter valued at approximately $214,000. Prospera Financial Services Inc acquired a new stake in Safe Pro Group during the 3rd quarter valued at approximately $82,000. Finally, Citadel Advisors LLC purchased a new stake in Safe Pro Group during the 3rd quarter worth approximately $3,940,000.

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.