ScanTech AI Systems Stock to Reverse Split on Tuesday, December 16th (NASDAQ:STAI)

ScanTech AI Systems Inc. (NASDAQ:STAI) shares are set to reverse split before the market opens on Tuesday, December 16th. The 1-20 reverse split was announced on Friday, December 12th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 15th.

ScanTech AI Systems Stock Performance

Shares of NASDAQ STAI traded down $0.03 during trading hours on Friday, hitting $0.26. 2,423,395 shares of the stock were exchanged, compared to its average volume of 6,015,856. The company’s fifty day simple moving average is $0.45 and its two-hundred day simple moving average is $0.55. The company has a market cap of $19.59 million, a PE ratio of -0.70 and a beta of -0.79. ScanTech AI Systems has a 1-year low of $0.17 and a 1-year high of $5.20.

ScanTech AI Systems (NASDAQ:STAI) last announced its quarterly earnings data on Wednesday, September 17th. The company reported ($0.09) EPS for the quarter. The business had revenue of $0.86 million for the quarter.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wall Street Zen upgraded ScanTech AI Systems to a “sell” rating in a research report on Friday, September 26th. Weiss Ratings reissued a “sell (e+)” rating on shares of ScanTech AI Systems in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

Insiders Place Their Bets

In related news, major shareholder Global Asset Managemen Seaport sold 133,628 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $0.69, for a total transaction of $92,203.32. Following the completion of the transaction, the insider directly owned 16,169,345 shares of the company’s stock, valued at $11,156,848.05. This trade represents a 0.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 383,628 shares of company stock valued at $248,703 in the last three months. Corporate insiders own 2.33% of the company’s stock.

Hedge Funds Weigh In On ScanTech AI Systems

A number of hedge funds have recently made changes to their positions in the stock. York Capital Management Global Advisors LLC acquired a new position in shares of ScanTech AI Systems in the second quarter worth approximately $1,136,000. Goldman Sachs Group Inc. bought a new position in ScanTech AI Systems during the 1st quarter worth approximately $39,000. Finally, Polar Asset Management Partners Inc. bought a new position in ScanTech AI Systems during the 1st quarter worth approximately $3,045,000. 74.04% of the stock is currently owned by institutional investors.

ScanTech AI Systems Company Profile

Scantech AI Systems, Inc engages in the innovation, emerging technology, and machine learning expertise. ScanTech specializes in developing advanced screening technology that provides the most accurate and fastest detection of prohibited materials. The company was founded on September 5, 2023 and is headquartered in Buford, GA.