B. Riley Financial Issues Positive Forecast for Solana (NASDAQ:HSDT) Stock Price

Key Points

• B. Riley Financial raised its price target for Helius Medical Technologies (NASDAQ:HSDT) from $2.50 to $3.50 and maintained a “Buy” rating, implying 44.33% upside from the prior close. Overall analyst sentiment remains mixed, with a consensus “Hold” rating and an average target of $3.75.
• HSDT shares rose 16.6% to $2.42 during Thursday trading, but the company reported a significant quarterly loss of $0.38 per share versus the $0.02 expected and revenue of $2.53 million, below the $3.50 million estimate.
• Institutional ownership stands at 18.63%, with several investors—including Kathmere Capital, Yorkville Advisors and Arrington Capital—recently establishing or increasing positions in the company.

Solana (NASDAQ:HSDT - Get Free Report) had its target price upped by analysts at B. Riley Financial from $2.50 to $3.50 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley Financial's price target would indicate a potential upside of 44.33% from the company's previous close.

Other equities analysts also recently issued reports about the company. Wall Street Zen downgraded Solana from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. B Riley reissued a "buy" rating on shares of Solana in a report on Thursday. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Solana in a research report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $3.75.

Solana Stock Up 16.6%

Solana stock traded up $0.34 during midday trading on Thursday, reaching $2.42. The company's stock had a trading volume of 719,628 shares, compared to its average volume of 351,935. The company has a market cap of $146.62 million, a P/E ratio of -0.08 and a beta of 1.06. The business has a 50-day simple moving average of $1.81 and a 200-day simple moving average of $1.92. Solana has a fifty-two week low of $1.18 and a fifty-two week high of $25.50.

Solana (NASDAQ:HSDT - Get Free Report) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.36). Solana had a negative return on equity of 41.86% and a negative net margin of 1,302.78%.The business had revenue of $2.53 million for the quarter, compared to analyst estimates of $3.50 million. As a group, equities analysts forecast that Solana will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Solana

Several large investors have recently modified their holdings of HSDT. Kathmere Capital Management LLC acquired a new position in shares of Solana in the 1st quarter valued at $7,949,000. Yorkville Advisors Global LP purchased a new position in shares of Solana in the 1st quarter valued at approximately $1,877,000. Arrington Capital Management LLC purchased a new position in shares of Solana in the 4th quarter valued at approximately $1,904,000. Rockefeller Capital Management L.P. increased its holdings in shares of Solana by 11,764.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 444,904 shares of the company's stock valued at $1,286,000 after purchasing an additional 441,154 shares during the period. Finally, Geode Capital Management LLC acquired a new position in shares of Solana in the fourth quarter valued at approximately $1,006,000. 18.63% of the stock is owned by institutional investors and hedge funds.

About Solana

Helius Medical Technologies, Inc NASDAQ: HSDT is a medical technology company focused on developing and commercializing non‐invasive neuromodulation platforms designed to enhance neurorehabilitation. Its flagship product, the Portable Neuromodulation Stimulator (PoNS®), delivers mild electrical pulses to the tongue to stimulate neural pathways in conjunction with targeted physical therapy. The device is intended to improve neuroplasticity and support recovery in patients with neurological conditions.

The PoNS system is cleared for use in the United States, Canada and the European Union and is prescribed through specialized rehabilitation clinics.

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