Share Buyback Program Approved by Aclarion (NASDAQ:ACON)

Aclarion (NASDAQ:ACON) announced that its board has authorized a stock repurchase program on Wednesday, April 22nd, RTT News reports. The company plans to buyback $2.50 million in outstanding shares. This buyback authorization authorizes the company to buy up to 31% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Aclarion Stock Performance

NASDAQ ACON opened at $3.73 on Thursday. The stock has a 50-day simple moving average of $3.13 and a two-hundred day simple moving average of $4.96. The firm has a market capitalization of $8.50 million, a P/E ratio of -0.22 and a beta of 1.13. Aclarion has a fifty-two week low of $2.34 and a fifty-two week high of $12.03.

Aclarion (NASDAQ:ACON) last released its quarterly earnings data on Wednesday, March 18th. The company reported ($2.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($3.60) by $1.59. The business had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.02 million. Aclarion had a negative return on equity of 52.31% and a negative net margin of 9,517.11%. As a group, analysts forecast that Aclarion will post -4.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on ACON shares. Weiss Ratings restated a “sell (e+)” rating on shares of Aclarion in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Aclarion from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

About Aclarion

Aclarion, Inc, a healthcare technology company, leverages for Magnetic Resonance Spectroscopy (MRS) in the United States. It develops NOCISCAN Post-Processor suite of software applications comprising NOCICALC that receives the raw un-processed NOCISCAN MRS exam data and post-processes that raw data into final spectra and performs various degenerative pain biomarker; and NOCIGRAM, a clinical decision support software. The company was formerly known as Nocimed, Inc and changed its name to Aclarion, Inc in December 2021.