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Benzinga
Benzinga
Business
Henry Khederian

Draganfly (DPRO) Stock Plummets On $25M Offering: What Investors Need To Know

Draganfly DPRO Drone
analysis-4937349

Shares of drone developer Draganfly Inc (NASDAQ:DPRO) are falling sharply Friday morning, reversing following this week’s rally. The sharp pullback follows the company’s announcement of a new stock offering.

What To Know: On Thursday, DPRO shares surged after the company revealed its Commander3 XL drone was selected by a key U.S. Department of Defense branch for intelligence and surveillance operations. The positive momentum was amplified when H.C. Wainwright analyst Scott Buck reiterated a Buy rating and nearly doubled the firm's price target on the stock to $6 from $3.50.

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