B. Riley Financial Initiates Coverage on Solana (NASDAQ:HSDT)

Stock analysts at B. Riley Financial initiated coverage on shares of Solana (NASDAQ:HSDT) in a research note issued on Thursday. The brokerage set a “buy” rating and a $3.00 price target on the stock. B. Riley Financial’s price objective indicates a potential upside of 43.54% from the stock’s previous close.

Several other brokerages have also recently commented on HSDT. Weiss Ratings reiterated a “sell (e+)” rating on shares of Solana in a research report on Tuesday. Maxim Group assumed coverage on shares of Solana in a research note on Monday, April 6th. They issued a “buy” rating and a $4.00 price objective on the stock. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $3.50.

Solana Price Performance

HSDT opened at $2.09 on Thursday. The company has a market capitalization of $114.72 million, a price-to-earnings ratio of 0.00 and a beta of 0.90. Solana has a 1-year low of $1.59 and a 1-year high of $265.50. The business has a 50 day moving average price of $2.03 and a two-hundred day moving average price of $3.98.

Solana (NASDAQ:HSDT) last issued its quarterly earnings results on Tuesday, March 31st. The company reported $4.25 earnings per share (EPS) for the quarter, beating the consensus estimate of ($26.50) by $30.75. Solana had a negative return on equity of 104.96% and a negative net margin of 679.54%.The company had revenue of $5.23 million for the quarter, compared to analysts’ expectations of $0.14 million.

Hedge Funds Weigh In On Solana

A number of institutional investors have recently bought and sold shares of the stock. State Street Corp acquired a new stake in Solana during the 4th quarter worth about $464,000. Cetera Investment Advisers purchased a new stake in shares of Solana in the fourth quarter worth approximately $347,000. XTX Topco Ltd purchased a new stake in shares of Solana in the fourth quarter worth approximately $140,000. Aristides Capital LLC acquired a new stake in shares of Solana during the fourth quarter worth approximately $137,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Solana during the fourth quarter worth approximately $88,000. Hedge funds and other institutional investors own 18.63% of the company’s stock.

Solana Company Profile

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.