Solana (NASDAQ:HSDT) Shares Down 9.8% – Here’s Why

Solana Company (NASDAQ:HSDT) shares fell 9.8% during mid-day trading on Monday . The company traded as low as $3.02 and last traded at $3.04. 569,458 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 710,679 shares. The stock had previously closed at $3.37.

Wall Street Analysts Forecast Growth

Several research firms have commented on HSDT. Weiss Ratings reiterated a “sell (e+)” rating on shares of Solana in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Solana from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has a consensus rating of “Sell”.

Solana Stock Down 9.8%

The stock’s 50-day simple moving average is $6.57 and its 200 day simple moving average is $15.45. The firm has a market cap of $125.55 million, a P/E ratio of 0.00 and a beta of 1.03.

Solana (NASDAQ:HSDT) last posted its quarterly earnings data on Tuesday, November 18th. The company reported ($32.89) earnings per share for the quarter, topping the consensus estimate of ($50.50) by $17.61. Solana had a negative return on equity of 699.93% and a negative net margin of 39,358.88%.The firm had revenue of $0.70 million during the quarter, compared to analyst estimates of $0.11 million.

Hedge Funds Weigh In On Solana

An institutional investor recently bought a new position in Solana stock. Wealthspire Advisors LLC acquired a new position in shares of Solana Company (NASDAQ:HSDT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 300,000 shares of the company’s stock, valued at approximately $55,000. Wealthspire Advisors LLC owned 3,000.00% of Solana as of its most recent SEC filing. 18.63% of the stock is currently owned by institutional investors and hedge funds.

Solana Company Profile

Helius Medical Technologies, Inc, a neurotechnology company, focuses on developing, licensing, and acquiring non-implantable technologies for the treatment of symptoms caused by neurological disease or trauma. The company's product is Portable Neuromodulation Stimulator, a non-surgical medical device intended for use as a short term treatment of gait deficit due to symptoms from multiple sclerosis and balance deficit due to mild-to-moderate traumatic brain injury, as well as to be used in conjunction with supervised therapeutic exercise.