Short Interest in Solesence, Inc. (NASDAQ:SLSN) Drops By 48.6%

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.

Institutional Investors Weigh In On Solesence

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC acquired a new position in Solesence in the second quarter valued at about $1,871,000. JPMorgan Chase & Co. acquired a new position in shares of Solesence during the 2nd quarter worth about $39,000. New York State Common Retirement Fund acquired a new position in shares of Solesence during the 2nd quarter worth about $95,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Solesence in the 2nd quarter valued at about $45,000. Finally, Bank of America Corp DE bought a new stake in shares of Solesence in the 2nd quarter valued at about $26,000. Institutional investors own 70.22% of the company’s stock.

Solesence Trading Down 6.1%

SLSN stock traded down $0.05 during midday trading on Thursday, reaching $0.78. The company’s stock had a trading volume of 145,713 shares, compared to its average volume of 66,476. The business’s 50-day simple moving average is $1.12 and its 200-day simple 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. Solesence has a 52 week low of $0.61 and a 52 week high of $4.55. The stock has a market cap of $55.11 million, a PE ratio of 78.11 and a beta of 1.31.

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

Wall Street Analyst Weigh In

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

Solesence Company Profile

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.