Sono Group N.V. (NASDAQ:SSM) Sees Significant Growth in Short Interest

Sono Group N.V. (NASDAQ:SSM) was the recipient of a large increase in short interest during the month of August. As of August 14th, there was short interest totaling 68,106 shares, an increase of 701.1% from the July 30th total of 8,502 shares. Based on an average daily trading volume, of 222,834 shares, the short-interest ratio is currently 0.3 days. Approximately 5.9% of the company’s shares are short sold.

Insider Transactions at Sono Group

In other Sono Group news, major shareholder 255 V. V Ug Haftungsbes Bambino sold 20,091 shares of Sono Group stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $3.24, for a total value of $65,094.84. Following the completion of the sale, the insider owned 157,326 shares in the company, valued at $509,736.24. The trade was a 11.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 19.00% of the company’s stock.

Sono Group Stock Down 3.8%

SSM opened at $2.81 on Wednesday. Sono Group has a 1 year low of $2.35 and a 1 year high of $27.73.

Sono Group (NASDAQ:SSM) last issued its earnings results on Friday, August 14th. The company reported ($1.59) EPS for the quarter. Sono Group had a net margin of 2,204.17% and a negative return on equity of 50.42%.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Sono Group from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Sono Group presently has an average rating of “Sell”.

About Sono Group

Sono Group N.V. was a German mobility technology company focused on developing solar-powered transportation solutions. Through its Sono Motors business, the company worked on integrating solar technology into electric vehicles to supplement battery power and help reduce energy consumption and emissions.

Its principal project was the Sion, a planned battery-electric passenger vehicle equipped with solar panels integrated into its body. Sono also developed solar integration systems for commercial vehicles, including buses, trucks, trailers and other fleet applications, allowing existing or newly manufactured vehicles to generate supplementary electricity from sunlight.

The company was founded by Jona Christians and Laurin Hahn and was headquartered in Munich, Germany.