Solidion Technology Inc. (NASDAQ:STI – Get Free Report) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 221,708 shares, an increase of 323.0% from the September 15th total of 52,412 shares. Based on an average trading volume of 674,609 shares, the days-to-cover ratio is presently 0.3 days. Approximately 2.6% of the company’s stock are sold short.
Insiders Place Their Bets
In other Solidion Technology news, Director Karin-Joyce Tjon bought 5,000 shares of the company’s stock in a transaction on Monday, September 14th. The shares were bought at an average cost of $7.20 per share, for a total transaction of $36,000.00. Following the acquisition, the director directly owned 58,053 shares in the company, valued at approximately $417,981.60. The trade was a 9.42% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by company insiders.
Solidion Technology Trading Down 6.5%
Shares of NASDAQ STI opened at $5.32 on Tuesday. The stock has a market capitalization of $45.27 million, a PE ratio of -0.41 and a beta of 0.03. The stock’s fifty day simple moving average is $6.98 and its two-hundred day simple moving average is $8.15. Solidion Technology has a 12-month low of $2.94 and a 12-month high of $46.00.
Solidion Technology announced that its Board of Directors has authorized a share repurchase plan on Monday, September 14th that authorizes the company to buy back $1.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 1.6% of its shares through open market purchases. Share buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
Analysts Set New Price Targets
Several equities research analysts have recently commented on STI shares. Weiss Ratings lowered shares of Solidion Technology from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 2nd. Wall Street Zen downgraded shares of Solidion Technology from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, Solidion Technology has an average rating of “Sell”.
Read Our Latest Research Report on Solidion Technology
Solidion Technology Company Profile
Solidion Technology, Inc (NASDAQ: STI) is a battery technology company focused on developing next-generation energy-storage solutions for electric vehicles and other applications. Its work centers on solid-state battery systems and advanced lithium-ion battery technologies designed to improve energy density, safety, charging performance and operating range.
The company’s technology portfolio includes solid-state battery designs, silicon-based anode materials and related battery components and manufacturing processes.
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