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

Solana (NASDAQ:HSDT) had its price target hoisted by B. Riley Financial from $2.50 to $3.50 in a report released on Thursday morning,Benzinga reports. B. Riley Financial currently has a buy rating on the stock.

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

Solana Stock Performance

Shares of NASDAQ:HSDT opened at $2.24 on Thursday. The stock has a 50-day simple moving average of $1.83 and a 200-day simple moving average of $1.92. The stock has a market capitalization of $135.43 million, a P/E ratio of -0.07 and a beta of 1.06. Solana has a 1 year low of $1.18 and a 1 year high of $25.50.

Solana (NASDAQ:HSDT) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.36). Solana had a negative net margin of 1,302.78% and a negative return on equity of 41.86%. The business had revenue of $2.53 million for the quarter, compared to analyst estimates of $3.50 million. Analysts predict that Solana will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On Solana

Institutional investors have recently made changes to their positions in the business. Kathmere Capital Management LLC bought a new stake in shares of Solana in the 1st quarter worth about $7,949,000. Yorkville Advisors Global LP acquired a new position in shares of Solana in the 1st quarter worth approximately $1,877,000. Arrington Capital Management LLC bought a new stake in shares of Solana in the 4th quarter valued at approximately $1,904,000. Rockefeller Capital Management L.P. lifted its stake in Solana by 11,764.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 444,904 shares of the company’s stock worth $1,286,000 after purchasing an additional 441,154 shares during the last quarter. Finally, Geode Capital Management LLC acquired a new position in Solana in the fourth quarter worth $1,006,000. 18.63% of the stock is owned by institutional investors and hedge funds.

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.