Aclarion (NASDAQ:ACON) to Buyback $2.50 million in Outstanding Stock

Aclarion (NASDAQ:ACON) announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 22nd, RTT News reports. The company plans to repurchase $2.50 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 31% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Aclarion in a report on Wednesday, January 21st. Wall Street Zen upgraded Aclarion from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Aclarion currently has an average rating of “Sell”.

Aclarion Stock Performance

Shares of NASDAQ ACON traded up $0.20 during trading hours on Wednesday, hitting $3.73. The stock had a trading volume of 887,542 shares, compared to its average volume of 94,974. The company has a market capitalization of $8.50 million, a P/E ratio of -0.22 and a beta of 1.13. The firm’s 50-day moving average price is $3.13 and its two-hundred day moving average price is $4.96. Aclarion has a 52 week low of $2.34 and a 52 week high of $12.03.

Aclarion (NASDAQ:ACON) last announced its earnings results on Wednesday, March 18th. The company reported ($2.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($3.60) by $1.59. The firm had revenue of $0.02 million during the quarter, compared to analysts’ expectations of $0.02 million. Aclarion had a negative return on equity of 52.31% and a negative net margin of 9,517.11%. As a group, analysts expect that Aclarion will post -4.37 EPS for the current fiscal year.

Aclarion Company Profile

Aclarion, Inc, a healthcare technology company, leverages for Magnetic Resonance Spectroscopy (MRS) in the United States. It develops NOCISCAN Post-Processor suite of software applications comprising NOCICALC that receives the raw un-processed NOCISCAN MRS exam data and post-processes that raw data into final spectra and performs various degenerative pain biomarker; and NOCIGRAM, a clinical decision support software. The company was formerly known as Nocimed, Inc and changed its name to Aclarion, Inc in December 2021.