The Valens Company Inc. (NASDAQ:VLNS – Get Rating) was the target of a significant decline in short interest in the month of May. As of May 15th, there was short interest totalling 316,400 shares, a decline of 27.7% from the April 30th total of 437,800 shares. Based on an average daily volume of 150,700 shares, the short-interest ratio is currently 2.1 days. Approximately 0.5% of the shares of the company are sold short.
Several research firms have issued reports on VLNS. Canaccord Genuity Group cut their price target on Valens from C$9.00 to C$7.00 and set a “buy” rating for the company in a report on Wednesday, March 2nd. Raymond James lowered Valens from a “market perform” rating to an “underperform” rating in a research note on Thursday, March 3rd. Zacks Investment Research raised Valens from a “sell” rating to a “hold” rating in a research note on Wednesday, April 27th. Finally, Stifel Nicolaus dropped their price objective on Valens from C$5.25 to C$4.50 in a research note on Monday, April 18th.
Institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI bought a new position in Valens during the fourth quarter valued at approximately $398,000. TD Asset Management Inc. bought a new position in Valens during the fourth quarter valued at approximately $123,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Valens during the fourth quarter valued at approximately $3,206,000. Commonwealth Equity Services LLC bought a new position in Valens during the fourth quarter valued at approximately $266,000. Finally, Goldman Sachs Group Inc. bought a new position in Valens during the fourth quarter valued at approximately $32,000. 3.78% of the stock is owned by institutional investors.
Valens (NASDAQ:VLNS – Get Rating) last announced its quarterly earnings results on Wednesday, April 13th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.13). The company had revenue of $18.23 million during the quarter, compared to the consensus estimate of $18.34 million. On average, research analysts forecast that Valens will post -0.57 EPS for the current year.
About Valens (Get Rating)
The Valens Company Inc develops, manufactures, and sells cannabinoid-based products in Canada and internationally. It produces dried cannabis and hemp biomass products. The company also provides a range of products, including tinctures, two-piece caps, soft gels, oral sprays, and vape pens, as well as beverages, concentrates, topicals, edibles, natural health, and other products.
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