Solesence, Inc. (NASDAQ:SLSN) Short Interest Down 48.6% in June

Solesence, Inc. (NASDAQ:SLSN) was the recipient of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 389,460 shares, a drop of 48.6% from the June 15th total of 757,817 shares. Approximately 0.6% of the company’s shares are short sold. Based on an average daily volume of 254,019 shares, the days-to-cover ratio is currently 1.5 days.

Solesence Trading Up 32.3%

NASDAQ SLSN traded up $0.21 on Wednesday, reaching $0.85. The company had a trading volume of 1,337,168 shares, compared to its average volume of 64,338. Solesence has a 52 week low of $0.61 and a 52 week high of $4.55. The stock’s 50 day moving average is $1.13 and its 200-day moving average is $1.23. The company has a quick ratio of 0.70, a current ratio of 2.08 and a debt-to-equity ratio of 0.62. The stock has a market cap of $59.83 million, a price-to-earnings ratio of 84.78 and a beta of 1.31.

Solesence (NASDAQ:SLSN) last posted its earnings results on Tuesday, May 12th. The company reported ($0.01) earnings per share (EPS) for the quarter. The company had revenue of $12.96 million for the quarter. Solesence had a return on equity of 5.39% and a net margin of 1.56%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of Solesence from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Solesence currently has an average rating of “Sell”.

Institutional Investors Weigh In On Solesence

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC acquired a new stake in Solesence during the 2nd quarter worth $1,871,000. State Street Corp raised its position in shares of Solesence by 145.5% during the fourth quarter. State Street Corp now owns 408,987 shares of the company’s stock worth $652,000 after purchasing an additional 242,401 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Solesence by 10.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,042,716 shares of the company’s stock valued at $3,358,000 after purchasing an additional 101,868 shares in the last quarter. Modern Wealth Management LLC bought a new position in shares of Solesence during the 2nd quarter valued at about $119,000. Finally, Jane Street Group LLC grew its position in shares of Solesence by 170.6% in the 4th quarter. Jane Street Group LLC now owns 39,056 shares of the company’s stock valued at $62,000 after purchasing an additional 24,625 shares during the period. 70.22% of the stock is currently owned by institutional investors and hedge funds.

About Solesence

Nanophase Technologies Corporation provides engineered materials, formulation development, and commercial manufacturing with an integrated family of technologies in the United States. It offers surface engineered zinc oxide and titanium dioxide for sunscreens and personal care products; fully formulated cosmetics, sun care, and skin care under the Solésence brand name; and advanced materials products, such as architectural coatings, industrial coatings, abrasion-resistant additives, plastics additives, medical diagnostics, and various surface finishing technologies applications.