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

Akanda Corp. (NASDAQ:AKAN) saw a large increase in short interest in 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. Based on an average daily volume of 980,431 shares, the short-interest ratio is currently 0.1 days. Currently, 18.1% of the shares of the stock are sold short.

Akanda Stock Performance

Shares of AKAN traded up $3.15 during midday trading on Friday, hitting $18.54. The stock had a trading volume of 5,371,650 shares, compared to its average volume of 475,757. Akanda has a fifty-two week low of $2.30 and a fifty-two week high of $209.02. The business has a 50-day simple moving average of $15.93 and a two-hundred day simple moving average of $11.51.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Weiss Ratings lowered shares of Akanda from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 18th. Wall Street Zen upgraded shares of Akanda to a “sell” rating in a research report on Saturday, May 30th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average 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.