Akanda Corp. (NASDAQ:AKAN) Short Interest Up 569.0% in March

Akanda Corp. (NASDAQ:AKAN) was the target of a large growth in short interest in March. As of March 31st, there was short interest totaling 110,750 shares, a growth of 569.0% from the March 15th total of 16,554 shares. Based on an average daily volume of 586,018 shares, the days-to-cover ratio is currently 0.2 days. Approximately 5.8% of the company’s stock are sold short.

Akanda Trading Down 5.6%

AKAN opened at $0.63 on Friday. The business’s 50-day simple moving average is $3.83 and its 200-day simple moving average is $20.66. Akanda has a one year low of $0.51 and a one year high of $46.45.

Akanda shares are set to reverse split on the morning of Monday, April 13th. The 2-9 reverse split was announced on Thursday, April 9th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, April 10th.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Akanda in a report on Monday, January 12th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.

Akanda Company Profile

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.