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

Akanda Corp. (NASDAQ:AKAN) was the recipient 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. Approximately 8.9% of the shares of the company are sold short. Based on an average daily trading volume, of 423,775 shares, the days-to-cover ratio is presently 0.1 days.

Akanda Stock Performance

Shares of AKAN stock traded up $0.07 during trading hours on Friday, reaching $3.07. 311,505 shares of the company’s stock were exchanged, compared to its average volume of 2,200,764. The company’s 50 day moving average is $6.06 and its two-hundred day moving average is $10.05. Akanda has a 1 year low of $2.30 and a 1 year high of $209.02.

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Wall Street Zen lowered shares of 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 research note on Thursday, August 13th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of “Sell”.

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.