Solana (NASDAQ:HSDT) Lowered to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Solana (NASDAQ: HSDT) from “hold” to “sell.” Despite the downgrade, analysts’ overall consensus remains “Moderate Buy,” with a $3.50 target price.
• Solana reported a quarterly loss of $0.05 per share, missing the $0.02 expected loss, while revenue of $2.53 million fell short of the $3.50 million estimate.
• The stock opened at $1.70 and has traded between $1.19 and $25.50 over the past year. The company continues to develop and commercialize its PoNS neuromodulation device for neurological rehabilitation.

Solana (NASDAQ:HSDT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

Several other brokerages have also recently weighed in on HSDT. B. Riley Financial initiated coverage on shares of Solana in a research note on Thursday, April 23rd. They issued a "buy" rating and a $3.00 price objective on the stock. Zacks Research raised shares of Solana to a "hold" rating in a report on Monday, April 27th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Solana in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Solana presently has an average rating of "Moderate Buy" and a consensus target price of $3.50.

Solana Stock Performance

Solana stock opened at $1.70 on Friday. Solana has a one year low of $1.19 and a one year high of $25.50. The stock has a fifty day moving average of $1.67 and a 200 day moving average of $1.95. The stock has a market cap of $99.26 million, a PE ratio of -0.02 and a beta of 1.01.

Solana (NASDAQ:HSDT - Get Free Report) last announced its earnings results on Friday, August 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.03). The firm had revenue of $2.53 million during the quarter, compared to analysts' expectations of $3.50 million. Solana had a negative return on equity of 67.57% and a negative net margin of 1,427.15%. As a group, sell-side analysts predict that Solana will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Solana

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD purchased a new position in Solana during the fourth quarter valued at approximately $46,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Solana in the fourth quarter worth $88,000. Aristides Capital LLC purchased a new stake in shares of Solana in the fourth quarter worth $137,000. XTX Topco Ltd purchased a new stake in shares of Solana in the fourth quarter worth $140,000. Finally, Saba Capital Management L.P. bought a new stake in shares of Solana during the 1st quarter valued at $113,000. Institutional investors own 18.63% of the company's stock.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source