Zacks Research Downgrades Dragonfly Energy (NASDAQ:DFLI) to Strong Sell

Dragonfly Energy (NASDAQ:DFLI) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday,Zacks.com reports.

Several other brokerages also recently weighed in on DFLI. Canaccord Genuity Group reduced their target price on Dragonfly Energy from $22.50 to $3.25 and set a “buy” rating for the company in a research note on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Dragonfly Energy in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Dragonfly Energy presently has an average rating of “Hold” and a consensus price target of $11.08.

Dragonfly Energy Trading Down 7.7%

NASDAQ DFLI opened at $2.05 on Wednesday. The stock has a market capitalization of $24.76 million, a price-to-earnings ratio of -0.06 and a beta of -0.12. The stock has a 50-day moving average of $2.99 and a 200 day moving average of $5.87. Dragonfly Energy has a twelve month low of $1.50 and a twelve month high of $26.10.

Institutional Investors Weigh In On Dragonfly Energy

Several institutional investors have recently bought and sold shares of DFLI. Alyeska Investment Group L.P. acquired a new position in shares of Dragonfly Energy during the fourth quarter valued at approximately $2,285,000. Essex Investment Management Co. LLC acquired a new stake in shares of Dragonfly Energy in the fourth quarter worth approximately $602,000. Jane Street Group LLC acquired a new stake in shares of Dragonfly Energy in the fourth quarter worth approximately $266,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Dragonfly Energy during the fourth quarter worth approximately $47,000. Finally, State Street Corp purchased a new stake in shares of Dragonfly Energy during the fourth quarter worth approximately $39,000. 8.19% of the stock is currently owned by institutional investors and hedge funds.

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.