Short Interest in Sono Group N.V. (NASDAQ:SSM) Increases By 701.1%

Sono Group N.V. (NASDAQ:SSM) was the target of a significant growth in short interest during 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. Based on an average daily volume of 222,834 shares, the days-to-cover ratio is presently 0.3 days. Currently, 5.9% of the shares of the company are short sold.

Insider Activity at Sono Group

In related 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 completion of the sale, the insider directly owned 157,326 shares of the company’s stock, valued at $509,736.24. This trade 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 is available through this link. 19.00% of the stock is owned by company insiders.

Sono Group Stock Up 4.8%

NASDAQ:SSM traded up $0.13 during mid-day trading on Thursday, reaching $2.77. The stock had a trading volume of 4,510 shares, compared to its average volume of 36,998. Sono Group has a twelve month low of $2.35 and a twelve month high of $27.73. The company has a market cap of $3.93 million, a P/E ratio of -0.52 and a beta of 9.60.

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

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Sono Group from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, August 21st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Sono Group Company Profile

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.