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

Akanda Corp. (NASDAQ:AKAN) was the target of a significant increase in short interest during the month of December. As of December 15th, there was short interest totaling 903,214 shares, an increase of 635.6% from the November 30th total of 122,794 shares. Based on an average trading volume of 10,024,487 shares, the days-to-cover ratio is presently 0.1 days. Currently, 248.1% of the company’s stock are sold short. Currently, 248.1% of the company’s stock are sold short. Based on an average trading volume of 10,024,487 shares, the days-to-cover ratio is presently 0.1 days.

Akanda Stock Performance

AKAN traded down $0.06 during trading hours on Wednesday, hitting $0.51. 781,584 shares of the stock were exchanged, compared to its average volume of 1,008,315. The stock has a 50-day simple moving average of $1.29 and a 200-day simple moving average of $2.91. Akanda has a 12 month low of $0.49 and a 12 month high of $9.29.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AKAN. Weiss Ratings started coverage on shares of Akanda in a research note on Wednesday, October 15th. They issued a “sell (e+)” rating for the company. Wall Street Zen raised shares of Akanda to a “sell” rating in a research report on Saturday, October 18th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, 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.