Short Interest in Akanda Corp. (NASDAQ:AKAN) Declines By 85.5%

Akanda Corp. (NASDAQ:AKAN) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 38,204 shares, a drop of 85.5% from the August 15th total of 264,158 shares. Based on an average daily volume of 423,775 shares, the short-interest ratio is currently 0.1 days. Currently, 8.9% of the company’s shares are sold short.

Akanda Price Performance

Shares of AKAN traded up $0.13 during mid-day trading on Friday, hitting $3.13. 77,270 shares of the company’s stock were exchanged, compared to its average volume of 1,295,095. Akanda has a 52 week low of $2.30 and a 52 week high of $209.02. The company has a 50-day simple moving average of $6.24 and a 200 day simple moving average of $10.10.

Akanda (NASDAQ:AKAN) last posted its quarterly earnings data on Tuesday, June 9th. The company reported ($317.90) earnings per share (EPS) for the quarter.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wall Street Zen cut Akanda from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Akanda in a report on Thursday, August 13th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Akanda has an average rating of “Sell”.

Akanda Company Profile

Akanda Corp., through its subsidiaries, engages in the cultivation, manufacture, and distribution of cannabis products to patients worldwide. It offers medicinal-grade cannabis and cannabis based medical and wellness products. The company was incorporated in 2021 and is headquartered in New Romney, the United Kingdom.