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

Dragonfly Energy Holdings Corp. (NASDAQ:DFLI)’s stock is 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 market closes on Thursday, November 21st.

Dragonfly Energy Stock Performance

Shares of Dragonfly Energy stock opened at $0.37 on Wednesday. The stock’s fifty day simple moving average is $0.54 and its 200 day simple moving average is $0.73. The company has a current ratio of 0.80, a quick ratio of 0.31 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $23.36 million, a PE ratio of -0.82 and a beta of -0.83. Dragonfly Energy has a 12 month low of $0.33 and a 12 month high of $1.46.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Dragonfly Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DFLI. AQR Capital Management LLC acquired a new position in Dragonfly Energy in the 2nd quarter worth $37,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Dragonfly Energy in the second quarter valued at about $48,000. Finally, KFG Wealth Management LLC boosted its position in shares of 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 period. 8.19% of the stock is currently owned by institutional investors and hedge funds.

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.