Solana Company (NASDAQ:HSDT) Short Interest Up 31.8% in March

Key Points

• Short interest rose 31.8% in March to 1,332,026 shares (about 3.9% of shares short) with a days-to-cover ratio of 4.0, indicating increased bearish positioning.
• Institutional activity shifted notably as Rockefeller Capital Management boosted its stake by 11,764% to 444,904 shares, while overall institutional ownership is 18.63%.
• Shares trade around $1.92 with a market cap of $79.3 million, and the stock carries a consensus Sell rating (Weiss Ratings reaffirmed "sell (e+)").

Solana Company (NASDAQ:HSDT - Get Free Report) was the recipient of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 1,332,026 shares, a growth of 31.8% from the February 26th total of 1,010,452 shares. Based on an average daily volume of 329,865 shares, the days-to-cover ratio is currently 4.0 days. Currently, 3.9% of the company's stock are short sold.

Hedge Funds Weigh In On Solana

Hedge funds and other institutional investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. boosted its stake in shares of Solana by 11,764.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 444,904 shares of the company's stock worth $1,286,000 after buying an additional 441,154 shares during the last quarter. Aristides Capital LLC purchased a new stake in Solana during the fourth quarter valued at $137,000. XTX Topco Ltd bought a new position in Solana in the fourth quarter valued at about $140,000. Arrington Capital Management LLC bought a new position in Solana in the fourth quarter valued at about $1,904,000. Finally, Cetera Investment Advisers purchased a new position in Solana in the fourth quarter worth about $347,000. 18.63% of the stock is owned by institutional investors.

Solana Price Performance

Solana stock traded down $0.09 during midday trading on Friday, reaching $1.92. 98,097 shares of the company traded hands, compared to its average volume of 294,561. Solana has a 12 month low of $1.74 and a 12 month high of $366.68. The business has a 50 day moving average of $2.29 and a two-hundred day moving average of $5.73. The firm has a market capitalization of $79.30 million, a price-to-earnings ratio of 0.00 and a beta of 1.07.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Solana in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of "Sell".

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.

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.