Short Interest in Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) Grows By 19.5%
by Jessica Moore · The Cerbat GemDragonfly Energy Holdings Corp. (NASDAQ:DFLI – Get Free Report) saw a large growth in short interest in March. As of March 31st, there was short interest totaling 1,355,921 shares, a growth of 19.5% from the March 15th total of 1,134,958 shares. Approximately 11.5% of the company’s stock are short sold. Based on an average trading volume of 697,866 shares, the days-to-cover ratio is currently 1.9 days.
Institutional Investors Weigh In On Dragonfly Energy
A number of institutional investors and hedge funds have recently made changes to their positions in DFLI. Alyeska Investment Group L.P. purchased a new stake in shares of Dragonfly Energy in the fourth quarter valued at about $2,285,000. Essex Investment Management Co. LLC purchased a new position in Dragonfly Energy during the fourth quarter worth about $602,000. Jane Street Group LLC purchased a new position in Dragonfly Energy during the fourth quarter worth about $266,000. KFG Wealth Management LLC raised its holdings in Dragonfly Energy by 85.4% during the third quarter. KFG Wealth Management LLC now owns 184,124 shares of the company’s stock worth $110,000 after purchasing an additional 84,798 shares in the last quarter. Finally, Legato Capital Management LLC purchased a new position in Dragonfly Energy during the fourth quarter worth about $185,000. 8.19% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
DFLI has been the subject of several recent analyst reports. Canaccord Genuity Group cut their price objective on Dragonfly Energy from $22.50 to $3.25 and set a “buy” rating for the company in a report on Tuesday, March 17th. Zacks Research downgraded Dragonfly Energy from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 18th. Wall Street Zen downgraded Dragonfly Energy from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Dragonfly Energy in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, Dragonfly Energy currently has a consensus rating of “Hold” and a consensus target price of $3.25.
View Our Latest Report on DFLI
Dragonfly Energy Stock Performance
Shares of NASDAQ:DFLI traded up $0.03 on Friday, reaching $2.05. The company’s stock had a trading volume of 130,927 shares, compared to its average volume of 510,438. The stock’s 50-day moving average is $2.31 and its two-hundred day moving average is $5.72. Dragonfly Energy has a 52-week low of $1.50 and a 52-week high of $26.10. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.54 and a quick ratio of 1.31. The stock has a market capitalization of $24.85 million, a P/E ratio of -0.06 and a beta of 0.03.
Dragonfly Energy Company Profile
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.