Akanda Corp. (NASDAQ:AKAN) Sees Significant Increase in Short Interest

Akanda Corp. (NASDAQ:AKAN – Get Rating) was the target of a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 156,500 shares, an increase of 281.7% from the April 30th total of 41,000 shares. Based on an average daily volume of 864,400 shares, the short-interest ratio is currently 0.2 days. Approximately 13.5% of the shares of the company are short sold.

Hedge Funds Weigh In On Akanda

A hedge fund recently raised its stake in Akanda stock. Renaissance Technologies LLC raised its stake in Akanda Corp. (NASDAQ:AKAN – Get Rating) by 1,166.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 354,719 shares of the company’s stock after acquiring an additional 326,719 shares during the period. Renaissance Technologies LLC owned approximately 1.04% of Akanda worth $53,000 at the end of the most recent quarter. Institutional investors own 0.35% of the company’s stock.

Akanda Stock Performance

NASDAQ:AKAN traded down $0.10 during trading hours on Friday, reaching $0.72. The company had a trading volume of 271,430 shares, compared to its average volume of 951,399. The stock has a 50-day moving average of $1.04 and a two-hundred day moving average of $1.70. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.21 and a current ratio of 0.41. Akanda has a one year low of $0.71 and a one year high of $15.50.

About Akanda

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Akanda Corp., through its subsidiaries, engages in the cultivation, manufacture, and distribution of cannabis products in the United Kingdom, Lesotho, and internationally. It intends to supply cannabis based medical and wellness products. The company was incorporated in 2021 and is headquartered in New Romney, the United Kingdom.