Akanda Corp [NASDAQ: AKAN] stock went on a downward path that fall over -0.13% on Friday, amounting to a one-week price decrease of less than -4.00%. The company report on February 2, 2024 at 5:30 PM that Akanda Announces Closing of Registered Direct Offering Priced At-the-Market Under Nasdaq Rules.
London, United Kingdom–(Newsfile Corp. – February 2, 2024) – Akanda Corp. (NASDAQ: AKAN) (“Akanda” or the “Company”), an international medical cannabis company, today announced that it has closed its previously announced registered direct offering for the sale and issuance of 280,851 common shares at a purchase price of $0.406 per share, and pre-funded warrants to purchase 1,462,991 common shares at a price of $0.4059 per share, priced at-the-market under the Nasdaq rules. The pre-funded warrants are immediately exercisable for $0.0001 per share and may be exercised at any time until all of the pre-funded warrants are exercised in full, subject to certain beneficial ownership limitations as set forth in the pre-funded warrant.
Univest Securities LLC is acting as the exclusive financial advisor in connection with the offering.
Over the last 12 months, AKAN stock dropped by -88.43%.
The market cap for the stock reached $1.59 million, with 3.46 million shares outstanding and 2.72 million shares in the current float. Compared to the average trading volume of 74.89K shares, AKAN stock reached a trading volume of 12654635 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 0.40. The Price to Book ratio for the last quarter was 0.07, with the Price to Cash per share for the same quarter was set at 0.18.
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 -4.00. With this latest performance, AKAN shares dropped by -19.69% in over the last four-week period, additionally sinking by -31.68% over the last 6 months – not to mention a drop of -88.43% in the past year of trading.
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 43.72, with the RSI for the last a single of trading hit 42.92, and the three-weeks RSI is set at 44.42 for Akanda Corp [AKAN]. The present Moving Average for the last 50 days of trading for this stock 0.4410, while it was recorded at 0.3929 for the last single week of trading, and 0.6170 for the last 200 days.
Insight into Akanda Corp Fundamentals:
Akanda Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.14 and a Current Ratio set at 0.26.
Akanda Corp [AKAN] Institutonal Ownership Details
The top three institutional holders of AKAN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in AKAN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in AKAN stock with ownership which is approximately 5.8325%.
