Solana (NASDAQ:HSDT) Price Target Raised to $3.50

Solana (NASDAQ:HSDT) had its price objective boosted by equities research analysts at B. Riley Financial from $2.50 to $3.50 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley Financial’s target price would indicate a potential upside of 44.33% from the stock’s previous close.

A number of other research analysts have also issued reports on the stock. Wall Street Zen lowered shares of Solana from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Solana in a research note on Friday, July 17th. Finally, B Riley reiterated a “buy” rating on shares of Solana in a report on Thursday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Solana currently has an average rating of “Hold” and an average price target of $3.75.

Solana Stock Up 16.6%

NASDAQ HSDT traded up $0.34 during mid-day trading on Thursday, hitting $2.42. The stock had a trading volume of 719,628 shares, compared to its average volume of 351,935. Solana has a 52-week low of $1.18 and a 52-week high of $25.50. The company has a market cap of $146.62 million, a price-to-earnings ratio of -0.08 and a beta of 1.06. The company has a 50 day simple moving average of $1.81 and a 200 day simple moving average of $1.92.

Solana (NASDAQ:HSDT) last released its quarterly earnings data on Friday, August 14th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.36). Solana had a negative return on equity of 41.86% and a negative net margin of 1,302.78%.The business had revenue of $2.53 million during the quarter, compared to analysts’ expectations of $3.50 million. As a group, equities analysts anticipate that Solana will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Solana

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC acquired a new position in shares of Solana in the 4th quarter valued at approximately $1,006,000. LPL Financial LLC grew its position in shares of Solana by 120.1% during the fourth quarter. LPL Financial LLC now owns 382,255 shares of the company’s stock worth $1,105,000 after buying an additional 208,558 shares in the last quarter. Aristides Capital LLC bought a new stake in shares of Solana in the fourth quarter worth $137,000. State Street Corp bought a new stake in shares of Solana in the fourth quarter worth $464,000. Finally, Marshall Wace LLP bought a new stake in shares of Solana in the fourth quarter worth $195,000. 18.63% of the stock is currently owned by hedge funds and other institutional investors.

About Solana

Helius Medical Technologies, Inc (NASDAQ: HSDT) is a medical technology company focused on developing and commercializing non?invasive neuromodulation platforms designed to enhance neurorehabilitation. Its flagship product, the Portable Neuromodulation Stimulator (PoNS®), delivers mild electrical pulses to the tongue to stimulate neural pathways in conjunction with targeted physical therapy. The device is intended to improve neuroplasticity and support recovery in patients with neurological conditions.

The PoNS system is cleared for use in the United States, Canada and the European Union and is prescribed through specialized rehabilitation clinics.