Insider Buying: Aclarion (NASDAQ:ACON) Director Acquires $18,000.00 in Stock

Aclarion, Inc. (NASDAQ:ACON) Director David Neal bought 7,500 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was acquired at an average cost of $2.40 per share, for a total transaction of $18,000.00. Following the acquisition, the director directly owned 30,002 shares of the company’s stock, valued at $72,004.80. The trade was a 33.33% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Aclarion Stock Up 6.5%

Shares of ACON stock opened at $2.77 on Thursday. The company has a market cap of $7.98 million, a P/E ratio of -0.37 and a beta of 1.21. The business has a 50 day moving average of $2.68 and a two-hundred day moving average of $2.98. Aclarion, Inc. has a 52 week low of $1.95 and a 52 week high of $12.03.

Aclarion (NASDAQ:ACON) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($1.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.07). The company had revenue of $0.03 million for the quarter, compared to analyst estimates of $0.03 million. Aclarion had a negative return on equity of 59.34% and a negative net margin of 10,948.81%. Analysts expect that Aclarion, Inc. will post -4.51 EPS for the current fiscal year.

Aclarion declared that its Board of Directors has approved a share buyback program on Wednesday, April 22nd that authorizes the company to buyback $2.50 million in shares. This buyback authorization authorizes the company to repurchase up to 31% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wall Street Zen raised shares of Aclarion from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Ascendiant Capital Markets raised their price target on shares of Aclarion from $7.00 to $7.50 and gave the company a “buy” rating in a research note on Friday, May 29th. Finally, Weiss Ratings raised Aclarion from a “sell (e)” rating to a “sell (e+)” rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Aclarion currently has an average rating of “Hold” and an average target price of $7.50.

Aclarion Company Profile

Aclarion, Inc, a healthcare technology company, leverages for Magnetic Resonance Spectroscopy (MRS) in the United States. It develops NOCISCAN Post-Processor suite of software applications comprising NOCICALC that receives the raw un-processed NOCISCAN MRS exam data and post-processes that raw data into final spectra and performs various degenerative pain biomarker; and NOCIGRAM, a clinical decision support software. The company was formerly known as Nocimed, Inc and changed its name to Aclarion, Inc in December 2021.