Solesence, Inc. (NASDAQ:SLSN) Sees Large Drop in Short Interest

Solesence, Inc. (NASDAQ:SLSN) was the target of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totaling 389,460 shares, a decrease of 48.6% from the June 15th total of 757,817 shares. Based on an average daily volume of 254,019 shares, the short-interest ratio is currently 1.5 days. Currently, 0.6% of the shares of the stock are sold short.

Solesence Trading Down 1.8%

Shares of NASDAQ SLSN traded down $0.01 during mid-day trading on Friday, hitting $0.77. 6,587 shares of the company traded hands, compared to its average volume of 66,012. Solesence has a 1 year low of $0.61 and a 1 year high of $4.55. The stock has a market capitalization of $54.10 million, a price-to-earnings ratio of 76.68 and a beta of 1.31. The company has a quick ratio of 0.70, a current ratio of 2.08 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average of $1.11 and a two-hundred day moving average of $1.22.

Solesence (NASDAQ:SLSN) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.01) earnings per share for the quarter. The company had revenue of $12.96 million during the quarter. Solesence had a return on equity of 5.39% and a net margin of 1.56%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Solesence from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Solesence currently has an average rating of “Sell”.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Bank of America Corp DE acquired a new stake in shares of Solesence during the second quarter valued at approximately $26,000. JPMorgan Chase & Co. acquired a new position in Solesence in the 2nd quarter worth approximately $39,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Solesence during the 2nd quarter worth approximately $45,000. Goldman Sachs Group Inc. purchased a new position in Solesence during the 4th quarter worth approximately $30,000. Finally, New York State Common Retirement Fund purchased a new position in Solesence during the 2nd quarter worth approximately $95,000. 70.22% of the stock is owned by hedge funds and other institutional investors.

Solesence Company Profile

Nanophase Technologies Corporation provides engineered materials, formulation development, and commercial manufacturing with an integrated family of technologies in the United States. It offers surface engineered zinc oxide and titanium dioxide for sunscreens and personal care products; fully formulated cosmetics, sun care, and skin care under the Solésence brand name; and advanced materials products, such as architectural coatings, industrial coatings, abrasion-resistant additives, plastics additives, medical diagnostics, and various surface finishing technologies applications.