Solana (NASDAQ:HSDT) Price Target Raised to $4.00

Solana (NASDAQ:HSDT) had its target price hoisted by equities researchers at B. Riley Financial from $3.50 to $4.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial’s target price indicates a potential upside of 22.70% from the company’s current price.

A number of other equities analysts also recently commented on HSDT. Weiss Ratings reiterated a “sell (e+)” rating on shares of Solana in a report on Friday, July 17th. Wall Street Zen lowered Solana from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $4.00.

Solana Stock Performance

HSDT traded up $0.15 during trading on Tuesday, reaching $3.26. 446,471 shares of the company traded hands, compared to its average volume of 363,593. The company has a market cap of $197.10 million, a P/E ratio of -0.11 and a beta of 1.06. The firm has a fifty day simple moving average of $1.97 and a 200 day simple moving average of $1.95. Solana has a 12-month low of $1.18 and a 12-month high of $20.50.

Solana (NASDAQ:HSDT) last released its earnings results on Friday, August 14th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $2.53 million for the quarter, compared to the consensus estimate of $3.50 million. As a group, sell-side analysts expect that Solana will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Solana

Large investors have recently bought and sold shares of the company. Kathmere Capital Management LLC acquired a new position in Solana during the first quarter worth $7,949,000. Yorkville Advisors Global LP acquired a new stake in shares of Solana in the 1st quarter worth $1,877,000. Arrington Capital Management LLC acquired a new stake in shares of Solana in the 4th quarter worth $1,904,000. Rockefeller Capital Management L.P. raised its holdings in shares of Solana by 11,764.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 444,904 shares of the company’s stock worth $1,286,000 after acquiring an additional 441,154 shares during the period. Finally, Clear Street Group Inc. purchased a new position in shares of Solana during the 4th quarter worth $218,000. 18.63% of the stock is currently owned by hedge funds and other institutional investors.

Solana Company Profile

Helius Medical Technologies, Inc, a neurotechnology company, focuses on developing, licensing, and acquiring non-implantable technologies for the treatment of symptoms caused by neurological disease or trauma. The company's product is Portable Neuromodulation Stimulator, a non-surgical medical device intended for use as a short term treatment of gait deficit due to symptoms from multiple sclerosis and balance deficit due to mild-to-moderate traumatic brain injury, as well as to be used in conjunction with supervised therapeutic exercise.