Dragonfly Energy (NASDAQ:DFLI) Shares Scheduled to Reverse Split on Friday, November 22nd

Shares of Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) are set to reverse split on Friday, November 22nd. The 1-9 reverse split was announced on Tuesday, November 19th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, November 21st.

Dragonfly Energy Trading Down 26.3 %

DFLI stock opened at $0.37 on Wednesday. The company has a quick ratio of 0.31, a current ratio of 0.80 and a debt-to-equity ratio of 0.01. Dragonfly Energy has a twelve month low of $0.33 and a twelve month high of $1.46. The company has a market cap of $23.36 million, a P/E ratio of -0.82 and a beta of -0.83. The business has a fifty day moving average of $0.54 and a 200-day moving average of $0.73.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group dropped their price objective on Dragonfly Energy from $1.50 to $1.25 and set a “buy” rating for the company in a report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $1.74.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in DFLI. KFG Wealth Management LLC boosted its holdings in Dragonfly Energy by 37.2% during the second quarter. KFG Wealth Management LLC now owns 423,830 shares of the company’s stock worth $359,000 after buying an additional 115,000 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Dragonfly Energy in the 2nd quarter valued at about $48,000. Finally, AQR Capital Management LLC bought a new position in Dragonfly Energy during the 2nd quarter worth approximately $37,000. 8.19% of the stock is currently owned by institutional investors.

About Dragonfly Energy

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.