Dragonfly Energy (NASDAQ:DFLI) Trading Down 10% – Here’s Why

Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) dropped 10% on Tuesday . The stock traded as low as $2.50 and last traded at $2.78. Approximately 247,556 shares traded hands during mid-day trading, an increase of 274% from the average daily volume of 66,149 shares. The stock had previously closed at $3.09.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group lowered their price target on Dragonfly Energy from $13.50 to $11.25 and set a “buy” rating on the stock in a research note on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $15.66.

Dragonfly Energy Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.31 and a current ratio of 0.80. The firm has a market capitalization of $19.50 million, a price-to-earnings ratio of -0.69 and a beta of -0.87. The firm’s 50-day moving average price is $3.89 and its two-hundred day moving average price is $5.27.

Hedge Funds Weigh In On Dragonfly Energy

A hedge fund recently bought a new stake in Dragonfly Energy stock. AQR Capital Management LLC purchased a new stake in Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 43,513 shares of the company’s stock, valued at approximately $37,000. AQR Capital Management LLC owned 0.07% of Dragonfly Energy at the end of the most recent reporting period. 8.19% of the stock is currently owned by institutional investors and hedge funds.

Dragonfly Energy Company Profile

Dragonfly Energy Holdings Corp. engages in the manufacturing and sale of deep cycle lithium-ion batteries for recreational vehicles, marine vessels, solar and off-grid residence industries, and industrial and energy storage markets. The company provides lithium power systems comprising solar panels, chargers and inverters, system monitoring, alternator regulators, accessories, and others.