Insider Buying: Aclarion (NASDAQ:ACON) CEO Purchases 6,289 Shares of Stock

Aclarion, Inc. (NASDAQ:ACON) CEO Brent Ness bought 6,289 shares of Aclarion stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average cost of $3.18 per share, for a total transaction of $19,999.02. Following the purchase, the chief executive officer owned 6,300 shares in the company, valued at $20,034. This represents a 57,172.73% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Aclarion Price Performance

ACON traded down $0.08 during trading on Monday, hitting $3.10. The company’s stock had a trading volume of 58,407 shares, compared to its average volume of 631,769. The firm’s 50 day moving average price is $3.26 and its 200-day moving average price is $4.59. The stock has a market cap of $7.63 million, a PE ratio of -0.18 and a beta of 1.18. Aclarion, Inc. has a twelve month low of $2.34 and a twelve month high of $12.03.

Aclarion (NASDAQ:ACON) last issued its quarterly earnings results on Wednesday, March 18th. The company reported ($2.01) earnings per share for the quarter, beating the consensus estimate of ($3.60) by $1.59. The company had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.02 million. Aclarion had a negative return on equity of 52.31% and a negative net margin of 9,517.11%. Equities analysts anticipate that Aclarion, Inc. will post -4.37 earnings per share for the current year.

Aclarion declared that its Board of Directors has authorized a stock buyback plan on Wednesday, April 22nd that allows the company to repurchase $2.50 million in shares. This repurchase authorization allows the company to repurchase up to 31% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Weiss Ratings downgraded Aclarion from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday. Wall Street Zen upgraded Aclarion from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

About Aclarion

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.