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

Aclarion, Inc. (NASDAQ:ACON) CEO Brent Ness purchased 6,289 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were purchased at an average cost of $3.18 per share, for a total transaction of $19,999.02. Following the purchase, the chief executive officer directly owned 6,300 shares in the company, valued at approximately $20,034. This represents a 57,172.73% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Aclarion Trading Down 2.5%

Shares of NASDAQ:ACON traded down $0.08 during trading on Monday, hitting $3.10. 58,407 shares of the stock were exchanged, compared to its average volume of 631,769. The company has a fifty day moving average price of $3.26 and a two-hundred day moving average price of $4.59. The company has a market cap of $7.63 million, a PE ratio of -0.18 and a beta of 1.18. Aclarion, Inc. has a 12-month low of $2.34 and a 12-month high of $12.03.

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

Aclarion announced that its Board of Directors has approved a stock buyback program on Wednesday, April 22nd that permits the company to buyback $2.50 million in outstanding shares. This buyback authorization permits the company to buy up to 31% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ACON shares. Wall Street Zen raised Aclarion from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Weiss Ratings lowered Aclarion from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Aclarion presently 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.