In a report released today, Scott Buck from H.C. Wainwright reiterated a Buy rating on Draganfly, with a price target of $6.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Scott Buck has given his Buy rating due to a combination of factors that suggest Draganfly is well-positioned for future growth. The company’s recent financial performance exceeded expectations, with second-quarter revenue surpassing forecasts and showing a significant increase from the previous quarter. This positive revenue trend is largely driven by momentum within the defense sector, including securing a major military order for their Commander 3XL drone.
Furthermore, Draganfly is expected to benefit from favorable government policies, such as the Canadian government’s substantial defense modernization package and changes in U.S. Department of Defense classifications. These factors are likely to accelerate purchasing activity for the company’s products. Additionally, Draganfly has strengthened its financial position with a robust cash balance, providing flexibility for reinvestment and potential acquisitions. As the company continues to scale, the path to profitability is becoming clearer, making it an attractive opportunity for investors. Consequently, Scott Buck maintains a Buy rating with a $6 price target for DPRO shares.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of DPRO in relation to earlier this year.