Insider Buying: Aclarion (NASDAQ:ACON) CEO Acquires $12,090.54 in Stock

Aclarion, Inc. (NASDAQ:ACON) CEO Brent Ness bought 5,234 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were bought at an average price of $2.31 per share, with a total value of $12,090.54. Following the completion of the transaction, the chief executive officer owned 111,534 shares of the company’s stock, valued at $257,643.54. The trade was a 4.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Aclarion Price Performance

ACON stock opened at $2.77 on Thursday. The firm has a 50 day simple moving average of $2.68 and a two-hundred day simple moving average of $2.98. The stock has a market cap of $7.98 million, a PE ratio of -0.37 and a beta of 1.21. Aclarion, Inc. has a one year low of $1.95 and a one year high of $12.03.

Aclarion (NASDAQ:ACON) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($1.12) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.07). Aclarion had a negative net margin of 10,948.81% and a negative return on equity of 59.34%. The company had revenue of $0.03 million for the quarter, compared to analysts’ expectations of $0.03 million. On average, research analysts expect that Aclarion, Inc. will post -4.51 EPS for the current fiscal year.

Aclarion declared that its Board of Directors has approved a stock repurchase plan on Wednesday, April 22nd that permits the company to buyback $2.50 million in outstanding shares. This buyback authorization permits the company to repurchase up to 31% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ACON shares. Ascendiant Capital Markets upped their target price on Aclarion from $7.00 to $7.50 and gave the stock a “buy” rating in a research note on Friday, May 29th. Wall Street Zen upgraded Aclarion from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Finally, Weiss Ratings raised Aclarion from a “sell (e)” rating to a “sell (e+)” rating in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $7.50.

About Aclarion

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.