Akanda Corp. (NASDAQ:AKAN) Sees Large Growth in Short Interest

Akanda Corp. (NASDAQ:AKAN) was the target of a significant increase in short interest in the month of May. As of May 29th, there was short interest totaling 75,809 shares, an increase of 90.7% from the May 14th total of 39,752 shares. Currently, 18.1% of the company’s stock are short sold. Based on an average daily volume of 980,431 shares, the days-to-cover ratio is presently 0.1 days.

Akanda Price Performance

NASDAQ AKAN traded up $3.15 during trading on Friday, reaching $18.54. The company’s stock had a trading volume of 5,371,650 shares, compared to its average volume of 475,757. The business has a 50-day moving average price of $15.93 and a 200-day moving average price of $11.51. Akanda has a 1-year low of $2.30 and a 1-year high of $209.02.

Analysts Set New Price Targets

AKAN has been the subject of several research reports. Wall Street Zen upgraded shares of Akanda to a “sell” rating in a report on Saturday, May 30th. Weiss Ratings cut shares of Akanda from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 18th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently 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.