Akanda Corp. [AKAN] is -4.56% lower this YTD. Is it still time to buy?

Akanda Corp. [NASDAQ: AKAN] loss -26.32% or -0.05 points to close at $0.14 with a heavy trading volume of 6525279 shares. The company report on March 8, 2023 that Akanda Corporation Announces 1-for-10 Reverse Stock Split.

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International medical cannabis platform company Akanda Corp. (“Akanda” or the “Company”) (NASDAQ: AKAN) an Ontario company, reported that it expects to implement a 1-for-10 reverse stock split on its ordinary shares effective Thursday March 9, with trading to begin on a split-adjusted basis at the market open on that day. Trading in the ordinary shares will continue on the Nasdaq Capital Market under the symbol “AKAN”. The new CUSIP number for the ordinary shares following the reverse stock split is 00971M205.

Upon the effectiveness of the reverse stock split, every 10 shares of the Company’s issued and outstanding ordinary shares will automatically be converted into one issued and outstanding ordinary share. No fractional shares will be issued as a result of the reverse stock split. Instead, any fractional shares that would have resulted from the split will be rounded down to the next whole number. The reverse stock split affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s outstanding ordinary shares, except for adjustments that may result from the treatment of fractional shares.

It opened the trading session at $1.872, the shares rose to $2.039 and dropped to $1.35, the range by which the price of stock traded the whole day. The daily chart for AKAN points out that the company has recorded -79.97% loss over the past six months. However, it is still -16.67% lower than its most recent low trading price.

If we look at the average trading volume of 6.94M shares, AKAN reached to a volume of 6525279 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Akanda Corp. [AKAN]:

The Average True Range (ATR) for Akanda Corp. is set at 0.05, with the Price to Sales ratio for AKAN stock in the period of the last 12 months amounting to 43.77. The Price to Book ratio for the last quarter was 0.13.

Trading performance analysis for AKAN stock

Akanda Corp. [AKAN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -21.00. With this latest performance, AKAN shares dropped by -41.14% in over the last four-week period, additionally sinking by -79.97% 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 36.98, with the RSI for the last a single of trading hit 30.20, and the three-weeks RSI is set at 40.59 for Akanda Corp. [AKAN]. The present Moving Average for the last 50 days of trading for this stock 0.2108, while it was recorded at 0.1803 for the last single week of trading, and 0.5114 for the last 200 days.

Akanda Corp. [AKAN]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Akanda Corp. [AKAN] shares currently have an operating margin of -14772.98 and a Gross Margin at -6493.36. Akanda Corp.’s Net Margin is presently recorded at -19625.88.

An analysis of insider ownership at Akanda Corp. [AKAN]

There are presently around $0 million, or 1.57% of AKAN stock, in the hands of institutional investors. The top three institutional holders of AKAN stocks are: RENAISSANCE TECHNOLOGIES LLC with ownership of 354,719, which is approximately 1166.854% of the company’s market cap and around 65.94% of the total institutional ownership; UBS GROUP AG, holding 62,810 shares of the stock with an approximate value of $9000.0 in AKAN stocks shares; and MILLENNIUM MANAGEMENT LLC, currently with $5000.0 in AKAN stock with ownership of nearly 25.46% of the company’s market capitalization.

7 institutional holders increased their position in Akanda Corp. [NASDAQ:AKAN] by around 455,864 shares. Additionally, 2 investors decreased positions by around 264,879 shares, while 0 investors held positions by with 187,278 shares. The mentioned changes placed institutional holdings at 533,465 shares, according to the latest SEC report filing. AKAN stock had 3 new institutional investments in for a total of 52,373 shares, while 2 institutional investors sold positions of 264,879 shares during the same period.


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