Akanda Corp. (NASDAQ:AKAN) Sees Significant Increase in Short Interest

Akanda Corp. (NASDAQ:AKAN – Get Rating) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 156,500 shares, an increase of 281.7% from the April 30th total of 41,000 shares. Approximately 13.5% of the company’s shares are sold short. Based on an average daily trading volume, of 864,400 shares, the short-interest ratio is currently 0.2 days.

Akanda Stock Down 12.3 %

Akanda stock traded down $0.10 during trading on Friday, reaching $0.72. 271,430 shares of the company’s stock were exchanged, compared to its average volume of 951,399. The company’s 50-day moving average is $1.04 and its two-hundred day moving average is $1.70. The company has a quick ratio of 0.21, a current ratio of 0.41 and a debt-to-equity ratio of 0.10. Akanda has a 52-week low of $0.71 and a 52-week high of $15.50.

Hedge Funds Weigh In On Akanda

An institutional investor recently bought a new position in Akanda stock. Jane Street Group LLC acquired a new position in shares of Akanda Corp. (NASDAQ:AKAN – Get Rating) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 11,129 shares of the company’s stock, valued at approximately $88,000. Hedge funds and other institutional investors own 0.35% of the company’s stock.

Akanda Company Profile

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Akanda Corp., through its subsidiaries, engages in the cultivation, manufacture, and distribution of cannabis products in the United Kingdom, Lesotho, and internationally. It intends to supply cannabis based medical and wellness products. The company was incorporated in 2021 and is headquartered in New Romney, the United Kingdom.