Akanda Corp. [AKAN] Stock trading around $0.41 per share: What’s Next?

Akanda Corp. [NASDAQ: AKAN] stock went on an upward path that rose over 1.18% on Thursday, amounting to a one-week price decrease of less than -13.30%. The company report on October 3, 2022 that Akanda Corp. Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency.

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International medical cannabis platform company Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN) today announced that the Company has received a written notification (the “Notification Letter”) on September 27, 2022 from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”), notifying the Company that it is not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2). It resulted from the fact that the closing bid price of the Company’s common shares, no par value (“Common Shares”), was below $1.00 per share for a period of 30 consecutive business days.

The Notification Letter does not impact the Company’s listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until March 27, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company’s common shares must have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by March 27, 2023, the Company may be eligible for additional time to regain compliance or may face delisting.

The market cap for the stock reached $13.01 million, with 30.81 million shares outstanding and 8.36 million shares in the current float. Compared to the average trading volume of 1.32M shares, AKAN stock reached a trading volume of 3826559 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Akanda Corp. [AKAN]:

The Average True Range (ATR) for Akanda Corp. is set at 0.07, with the Price to Sales ratio for AKAN stock in the period of the last 12 months amounting to 314.10.

AKAN Stock Performance Analysis:

Akanda Corp. [AKAN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -13.30. With this latest performance, AKAN shares dropped by -41.01% in over the last four-week period, additionally sinking by -95.16% over the last 6 months.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for AKAN stock in for the last two-week period is set at 29.33, with the RSI for the last a single of trading hit 27.03, and the three-weeks RSI is set at 31.66 for Akanda Corp. [AKAN]. The present Moving Average for the last 50 days of trading for this stock 0.7442, while it was recorded at 0.4143 for the last single week of trading.

Insight into Akanda Corp. Fundamentals:

Akanda Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.50.

Akanda Corp. [AKAN] Insider Position Details

There are presently around $0 million, or 1.80% of AKAN stock, in the hands of institutional investors. The top three institutional holders of AKAN stocks are: ETF MANAGERS GROUP, LLC with ownership of 241,843, which is approximately New of the company’s market cap and around 72.86% of the total institutional ownership; RENAISSANCE TECHNOLOGIES LLC, holding 86,463 shares of the stock with an approximate value of $35000.0 in AKAN stocks shares; and VIDENT INVESTMENT ADVISORY, LLC, currently with $25000.0 in AKAN stock with ownership of nearly New of the company’s market capitalization.

9 institutional holders increased their position in Akanda Corp. [NASDAQ:AKAN] by around 445,401 shares. Additionally, 3 investors decreased positions by around 16,342 shares, while 0 investors held positions by with 19,803 shares. The mentioned changes placed institutional holdings at 481,546 shares, according to the latest SEC report filing. AKAN stock had 6 new institutional investments in for a total of 441,769 shares, while 2 institutional investors sold positions of 15,848 shares during the same period.


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