Solidion Technology Inc. (NASDAQ:STI) Short Interest Down 35.5% in August

Key Points

• Short interest fell 35.5% to 83,110 shares as of August 31, representing 1.0% of Solidion Technology’s outstanding shares and 1.5 days of average trading volume.
• Director Karin-Joyce Tjon purchased 5,000 shares at $7.20 each, while the company authorized a $1 million share-repurchase program covering up to 1.6% of outstanding shares.
• Solidion shares traded at $6.61, up 0.9%, but the company reported a quarterly loss of $0.35 per share and analysts maintained a consensus “Sell” rating.

Solidion Technology Inc. (NASDAQ:STI - Get Free Report) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totaling 83,110 shares, a decrease of 35.5% from the August 15th total of 128,850 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 56,058 shares, the short-interest ratio is currently 1.5 days.

Insider Buying and Selling

In related news, Director Karin-Joyce Tjon acquired 5,000 shares of the firm's stock in a transaction on Monday, September 14th. The shares were purchased at an average price of $7.20 per share, with a total value of $36,000.00. Following the acquisition, the director directly owned 58,053 shares in the company, valued at $417,981.60. The trade was a 9.42% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.42% of the stock is currently owned by corporate insiders.

Solidion Technology Stock Up 0.9%

Solidion Technology stock traded up $0.06 during mid-day trading on Thursday, hitting $6.61. 27,630 shares of the stock were exchanged, compared to its average volume of 1,069,448. Solidion Technology has a 12 month low of $2.94 and a 12 month high of $46.00. The firm's fifty day simple moving average is $7.19 and its two-hundred day simple moving average is $7.93. The stock has a market capitalization of $56.25 million, a price-to-earnings ratio of -0.51 and a beta of -0.01.

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

Solidion Technology declared that its Board of Directors has initiated a share repurchase plan on Monday, September 14th that allows the company to repurchase $1.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have issued reports on STI. Weiss Ratings downgraded Solidion Technology from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, August 27th. Wall Street Zen cut shares of Solidion Technology from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Solidion Technology has a consensus 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.

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.