Solidion Technology Inc. (NASDAQ:STI) Shares Shorted: Short Interest Down 36.9% in September

Key Points

• Short interest fell 36.9% to 52,412 shares as of September 15, representing 0.6% of outstanding shares and a one-day days-to-cover ratio.
• Director Karin-Joyce Tjon bought 5,000 shares at an average price of $7.20, while the company authorized a $1 million share-repurchase plan covering up to 1.6% of outstanding stock.
• Solidion reported a quarterly loss of $0.35 per share on just $0.12 million in revenue, and analysts maintain an overall “Sell” rating; shares opened at $6.45, well below their 50-day and 200-day moving averages.

Solidion Technology Inc. (NASDAQ:STI - Get Free Report) saw a significant decline in short interest during the month of September. As of September 15th, there was short interest totaling 52,412 shares, a decline of 36.9% from the August 31st total of 83,110 shares. Based on an average daily trading volume, of 54,729 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.6% of the shares of the company are short sold.

Insiders Place Their Bets

In other news, Director Karin-Joyce Tjon acquired 5,000 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was acquired at an average cost of $7.20 per share, with a total value of $36,000.00. Following the completion of the acquisition, the director owned 58,053 shares of the company's stock, valued at $417,981.60. The trade was a 9.42% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company's stock.

Solidion Technology Stock Down 3.4%

Shares of STI stock opened at $6.45 on Thursday. The stock's 50-day moving average price is $7.10 and its 200 day moving average price is $8.12. The stock has a market capitalization of $54.89 million, a PE ratio of -0.50 and a beta of -0.01. Solidion Technology has a 52-week low of $2.94 and a 52-week high of $46.00.

Solidion Technology (NASDAQ:STI - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.35) earnings per share for the quarter. The business had revenue of $0.12 million during the quarter.

Solidion Technology declared that its board has authorized a share repurchase plan on Monday, September 14th that permits the company to repurchase $1.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Weiss Ratings raised shares of Solidion Technology from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, September 16th. Wall Street Zen downgraded shares of Solidion Technology from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Solidion Technology has an average rating of "Sell".

About Solidion Technology

Solidion Technology, Inc NASDAQ: STI is a battery technology company focused on developing next-generation energy-storage solutions. Its work centers on solid-state battery technologies and advanced battery materials intended to improve energy density, safety, charging performance and operating range compared with conventional lithium-ion batteries.

The company's technology portfolio includes solid-state battery designs, silicon-based anode materials, lithium-metal anodes and other advanced battery components.

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