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

Key Points

• B. Riley Financial raised Solana’s price target from $3.50 to $4.00 and maintained a “buy” rating, implying 22.7% upside from the prior close. Overall analyst sentiment remains mixed, with an average “hold” rating.
• Solana shares rose 4.8% to $3.26 during Tuesday trading, while the company reported a significant quarterly loss of $0.38 per share and revenue of $2.53 million, both below expectations.
• Institutional ownership stands at 18.63%, supported by new or expanded positions from firms including Kathmere Capital Management, Arrington Capital, Yorkville Advisors, and Rockefeller Capital Management.

Solana (NASDAQ:HSDT - Get Free Report) had its target price lifted by investment analysts at B. Riley Financial from $3.50 to $4.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. B. Riley Financial's target price suggests a potential upside of 22.70% from the company's previous close.

HSDT has been the topic of several other reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Solana in a research note on Friday, July 17th. Wall Street Zen lowered shares of Solana from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $4.00.

Solana Trading Up 4.8%

Shares of Solana stock traded up $0.15 during trading hours on Tuesday, reaching $3.26. 446,471 shares of the company's stock were exchanged, compared to its average volume of 363,593. Solana has a fifty-two week low of $1.18 and a fifty-two week high of $20.50. The stock has a market cap of $197.10 million, a P/E ratio of -0.11 and a beta of 1.06. The company has a 50 day moving average of $1.97 and a two-hundred day moving average of $1.95.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of HSDT. Kathmere Capital Management LLC bought a new position in shares of Solana in the first quarter worth $7,949,000. Arrington Capital Management LLC bought a new stake in Solana in the fourth quarter valued at approximately $1,904,000. Yorkville Advisors Global LP bought a new stake in Solana in the 1st quarter worth $1,877,000. Rockefeller Capital Management L.P. increased its position 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 acquiring an additional 441,154 shares during the period. Finally, Clear Street Group Inc. bought a new position in Solana during the 4th quarter valued at approximately $218,000. 18.63% of the stock is owned by institutional investors.

Solana Company Profile

Helius Medical Technologies, Inc, a neurotechnology company, focuses on developing, licensing, and acquiring non-implantable technologies for the treatment of symptoms caused by neurological disease or trauma. The company's product is Portable Neuromodulation Stimulator, a non-surgical medical device intended for use as a short term treatment of gait deficit due to symptoms from multiple sclerosis and balance deficit due to mild-to-moderate traumatic brain injury, as well as to be used in conjunction with supervised therapeutic exercise.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.