Short Interest in TerrAscend Corp. (OTCMKTS:TSNDF) Declines By 47.2%

TerrAscend Corp. (OTCMKTS:TSNDF) was the recipient of a significant decline in short interest during the month of May. As of May 15th, there was short interest totaling 692,277 shares, a decline of 47.2% from the April 30th total of 1,311,616 shares. Currently, 0.3% of the shares of the company are short sold. Based on an average trading volume of 698,013 shares, the days-to-cover ratio is currently 1.0 days.

TerrAscend Stock Performance

Shares of OTCMKTS TSNDF traded up $0.03 during midday trading on Monday, hitting $0.72. The company’s stock had a trading volume of 207,237 shares, compared to its average volume of 357,831. The stock has a fifty day moving average price of $0.67 and a 200 day moving average price of $0.67. TerrAscend has a one year low of $0.23 and a one year high of $1.45. The company has a current ratio of 1.51, a quick ratio of 0.98 and a debt-to-equity ratio of 2.66. The firm has a market capitalization of $222.88 million, a price-to-earnings ratio of -7.20 and a beta of 1.37.

TerrAscend (OTCMKTS:TSNDF) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The business had revenue of $65.54 million during the quarter, compared to the consensus estimate of $65.25 million. TerrAscend had a negative net margin of 45.86% and a negative return on equity of 24.69%. On average, research analysts forecast that TerrAscend will post -0.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded shares of TerrAscend from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, TerrAscend presently has an average rating of “Buy”.

About TerrAscend

TerrAscend is a vertically integrated cannabis company that operates across cultivation, processing and retailing in North America. The company’s business model spans seed-to-sale activities, enabling it to manage quality control, production efficiency and product innovation from its growing facilities through to its distribution networks. TerrAscend serves both adult-use and medical cannabis markets, offering a full suite of cannabis derivatives including dried flower, concentrates, vapes, edibles, tinctures and topicals.

Geographically, TerrAscend maintains operations in key regulated markets.