Safe Pro Group Inc. (NASDAQ:SPAI) Short Interest Update

Safe Pro Group Inc. (NASDAQ:SPAI) saw a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 614,313 shares, a drop of 19.8% from the February 26th total of 766,233 shares. Currently, 6.5% of the company’s shares are short sold. Based on an average daily trading volume, of 297,157 shares, the days-to-cover ratio is currently 2.1 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Cresset Asset Management LLC raised its holdings in shares of Safe Pro Group by 4.6% in the 2nd 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 acquired a new position in Safe Pro Group during the 3rd quarter valued at about $214,000. Forefront Wealth Management Inc. acquired a new position in Safe Pro Group during the 3rd quarter valued at about $214,000. Prospera Financial Services Inc bought a new stake in Safe Pro Group during the 3rd quarter worth approximately $82,000. Finally, Citadel Advisors LLC bought a new stake in Safe Pro Group during the 3rd quarter worth approximately $3,940,000.

Analysts Set New Price Targets

SPAI has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Safe Pro Group in a research note on Thursday, January 22nd. Zacks Research downgraded shares of Safe Pro Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Safe Pro Group Stock Up 10.1%

NASDAQ:SPAI traded up $0.36 on Tuesday, hitting $3.91. The stock had a trading volume of 167,117 shares, compared to its average volume of 355,537. The company has a quick ratio of 7.16, a current ratio of 7.60 and a debt-to-equity ratio of 0.02. Safe Pro Group has a 52 week low of $1.47 and a 52 week high of $9.16. The business’s fifty day moving average is $4.73 and its 200 day moving average is $5.35. The company has a market cap of $81.99 million, a PE ratio of -5.22 and a beta of 3.58.

Safe Pro Group declared that its board has authorized 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 reacquire up to 4.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Safe Pro Group Company Profile

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.