Sono Group N.V. (NASDAQ:SSM) Sees Large Decline in Short Interest

Sono Group N.V. (NASDAQ:SSM) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totaling 37,609 shares, a drop of 71.1% from the September 30th total of 130,348 shares. Approximately 3.3% of the company’s stock are short sold. Based on an average daily volume of 7,617,896 shares, the short-interest ratio is currently 0.0 days.

Sono Group Price Performance

Sono Group stock opened at $1.11 on Wednesday. The company has a 50-day simple moving average of $1.92. Sono Group has a one year low of $1.05 and a one year high of $10.54.

Sono Group (NASDAQ:SSM) last issued its quarterly earnings results on Friday, August 14th. The company reported ($1.59) earnings per share for the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Sono Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, September 25th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the stock currently has an average rating of “Sell”.

Insider Activity

In other Sono Group news, major shareholder 255 V. V Ug Haftungsbes Bambino sold 20,091 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $3.24, for a total transaction of $65,094.84. Following the sale, the insider owned 157,326 shares of the company’s stock, valued at approximately $509,736.24. This trade represents a 11.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 35,501 shares of company stock worth $118,426 in the last 90 days. 19.00% of the stock is currently owned by company insiders.

About Sono Group

Sono Group N.V. was a German mobility technology company focused on integrating solar technology into vehicles. Through its Sono Motors operations, the company developed solar body-panel systems designed to generate electricity and supplement conventional or electric vehicle power systems.

Its principal development project was the Sion, a solar-assisted electric passenger vehicle intended for the European market. Sono also pursued commercial applications for its technology, including solar retrofit systems for buses, trucks and other fleet vehicles.