Sono Group N.V. (NASDAQ:SSM) Sees Significant Growth in Short Interest

Sono Group N.V. (NASDAQ:SSM) saw a significant growth in short interest in the month of August. As of August 14th, there was short interest totaling 68,106 shares, a growth of 701.1% from the July 30th total of 8,502 shares. Approximately 5.9% of the company’s stock are short sold. Based on an average daily volume of 222,834 shares, the short-interest ratio is currently 0.3 days.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Sono Group from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Sono Group has a consensus rating of “Sell”.

Insider Activity at Sono Group

In other news, major shareholder 255 V. V Ug Haftungsbes Bambino sold 20,091 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $3.24, for a total value of $65,094.84. Following the completion of the transaction, the insider directly owned 157,326 shares in the company, valued at approximately $509,736.24. This represents a 11.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 19.00% of the company’s stock.

Sono Group Stock Performance

SSM stock opened at $2.81 on Wednesday. Sono Group has a 1-year low of $2.35 and a 1-year high of $27.73.

Sono Group (NASDAQ:SSM) last posted its quarterly earnings results on Friday, August 14th. The company reported ($1.59) EPS for the quarter. Sono Group had a net margin of 2,204.17% and a negative return on equity of 50.42%.

About Sono Group

Sono Group N.V. was a German mobility technology company focused on developing solar-powered transportation solutions. Through its Sono Motors business, the company worked on integrating solar technology into electric vehicles to supplement battery power and help reduce energy consumption and emissions.

Its principal project was the Sion, a planned battery-electric passenger vehicle equipped with solar panels integrated into its body. Sono also developed solar integration systems for commercial vehicles, including buses, trucks, trailers and other fleet applications, allowing existing or newly manufactured vehicles to generate supplementary electricity from sunlight.

The company was founded by Jona Christians and Laurin Hahn and was headquartered in Munich, Germany.