ScanTech AI Systems (NASDAQ:STAI) Shares Set to Reverse Split on Tuesday, December 16th

Shares of ScanTech AI Systems Inc. (NASDAQ:STAI) are scheduled to reverse split on Tuesday, December 16th. The 1-20 reverse split was announced on Friday, December 12th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 15th.

ScanTech AI Systems Price Performance

NASDAQ STAI traded down $0.03 on Friday, reaching $0.26. The company had a trading volume of 2,423,395 shares, compared to its average volume of 2,819,456. The company’s fifty day moving average is $0.45 and its 200-day moving average is $0.55. ScanTech AI Systems has a 1-year low of $0.17 and a 1-year high of $5.20.

ScanTech AI Systems (NASDAQ:STAI) last released its quarterly earnings results on Wednesday, September 17th. The company reported ($0.09) earnings per share (EPS) for the quarter. The business had revenue of $0.86 million during the quarter.

Analyst Upgrades and Downgrades

STAI has been the subject of several research reports. Wall Street Zen raised shares of ScanTech AI Systems to a “sell” rating in a research note on Friday, September 26th. Weiss Ratings restated a “sell (e+)” rating on shares of ScanTech AI Systems in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, ScanTech AI Systems has an average rating of “Sell”.

Insider Activity

In other news, major shareholder Global Asset Managemen Seaport sold 133,628 shares of the stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $0.69, for a total value of $92,203.32. Following the completion of the sale, the insider owned 16,169,345 shares of the company’s stock, valued at approximately $11,156,848.05. This represents a 0.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 383,628 shares of company stock worth $248,703. Corporate insiders own 2.33% of the company’s stock.

Institutional Trading of ScanTech AI Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Polar Asset Management Partners Inc. acquired a new stake in ScanTech AI Systems in the first quarter valued at $3,045,000. Goldman Sachs Group Inc. bought a new stake in shares of ScanTech AI Systems in the 1st quarter valued at about $39,000. Finally, York Capital Management Global Advisors LLC acquired a new stake in ScanTech AI Systems in the 2nd quarter valued at about $1,136,000. 74.04% of the stock is owned by institutional investors.

About ScanTech AI Systems

Scantech AI Systems, Inc engages in the innovation, emerging technology, and machine learning expertise. ScanTech specializes in developing advanced screening technology that provides the most accurate and fastest detection of prohibited materials. The company was founded on September 5, 2023 and is headquartered in Buford, GA.