Solesence (NASDAQ:SLSN) Stock Falls 1% – Here’s What Happened

Solesence, Inc. (NASDAQ:SLSN)’s share price dropped 1% during trading on Tuesday. The company traded as low as $0.80 and last traded at $0.8060. Approximately 22,825 shares traded hands during mid-day trading, an increase of 34% from the average session volume of 16,971 shares. The stock had previously closed at $0.8141.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of Solesence from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Solesence Trading Down 1.2%

The stock has a 50-day simple moving average of $0.90 and a 200 day simple moving average of $1.04. The stock has a market capitalization of $57.23 million, a price-to-earnings ratio of -27.00 and a beta of 1.27.

Institutional Investors Weigh In On Solesence

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLSN. BlackRock Inc. purchased a new stake in shares of Solesence during the second quarter worth $341,000. Bank of New York Mellon Corp acquired a new stake in shares of Solesence during the 2nd quarter valued at about $233,000. Finally, Susquehanna International Group LLP grew its stake in shares of Solesence by 697.7% in the 2nd quarter. Susquehanna International Group LLP now owns 111,340 shares of the company’s stock valued at $82,000 after buying an additional 97,382 shares in the last quarter. Hedge funds and other institutional investors own 70.22% of the company’s stock.

Solesence Company Profile

Solesence, Inc is a skincare company focused on developing and commercializing science-based products designed to improve the health and appearance of skin. The company combines dermatological research, cosmetic formulation and biotechnology to create products intended to address concerns such as sun damage, uneven skin tone, visible signs of aging and other common skin conditions.

Its portfolio includes topical skincare and sun-protection products formulated for daily use and professional skincare routines.