Short Interest in Akanda Corp. (NASDAQ:AKAN) Declines By 65.7%

Akanda Corp. (NASDAQ:AKAN) was the target of a large drop in short interest in the month of July. As of July 15th, there was short interest totaling 6,244 shares, a drop of 65.7% from the June 30th total of 18,178 shares. Approximately 1.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 25,674 shares, the days-to-cover ratio is currently 0.2 days.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AKAN. Weiss Ratings lowered shares of Akanda from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 18th. Wall Street Zen upgraded Akanda from a “strong sell” rating to a “sell” rating in a research note on Saturday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Akanda currently has an average rating of “Sell”.

Akanda Stock Down 22.6%

AKAN traded down $1.75 during mid-day trading on Monday, reaching $5.98. The stock had a trading volume of 147,811 shares, compared to its average volume of 1,202,273. The firm’s fifty day simple moving average is $14.93 and its two-hundred day simple moving average is $10.53. Akanda has a 52 week low of $2.30 and a 52 week high of $209.02.

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

About Akanda

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.