ScanTech AI Systems Stock Scheduled to Reverse Split on Tuesday, December 16th (NASDAQ:STAI)

ScanTech AI Systems Inc. (NASDAQ:STAI)’s stock is scheduled to reverse split on the morning of Tuesday, December 16th. The 1-20 reverse split was announced on Friday, December 12th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, December 15th.

ScanTech AI Systems Stock Down 11.7%

ScanTech AI Systems stock traded down $0.03 during midday trading on Friday, reaching $0.26. The stock had a trading volume of 2,423,395 shares, compared to its average volume of 6,015,856. The firm has a market capitalization of $19.59 million, a PE ratio of -0.70 and a beta of -0.79. ScanTech AI Systems has a 12 month low of $0.17 and a 12 month high of $5.20. The firm’s 50-day moving average price is $0.45 and its 200 day moving average price is $0.55.

ScanTech AI Systems (NASDAQ:STAI) last released its quarterly earnings data on Wednesday, September 17th. The company reported ($0.09) EPS for the quarter. The business had revenue of $0.86 million for the quarter.

Analysts Set New Price Targets

A number of brokerages recently issued reports on STAI. Weiss Ratings reiterated a “sell (e+)” rating on shares of ScanTech AI Systems in a research report on Wednesday, October 8th. Wall Street Zen upgraded ScanTech AI Systems to a “sell” rating in a research report on Friday, September 26th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has an average rating of “Sell”.

Insiders Place Their Bets

In other ScanTech AI Systems news, major shareholder Global Asset Managemen Seaport sold 133,628 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $0.69, for a total transaction of $92,203.32. Following the sale, the insider owned 16,169,345 shares in the company, valued at $11,156,848.05. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 383,628 shares of company stock worth $248,703 in the last quarter. Company insiders own 2.33% of the company’s stock.

Hedge Funds Weigh In On ScanTech AI Systems

Institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. purchased a new position in shares of ScanTech AI Systems in the first quarter worth $39,000. Polar Asset Management Partners Inc. purchased a new stake in ScanTech AI Systems during the 1st quarter valued at $3,045,000. Finally, York Capital Management Global Advisors LLC bought a new stake in ScanTech AI Systems in the 2nd quarter worth $1,136,000. 74.04% of the stock is currently owned by institutional investors.

ScanTech AI Systems Company Profile

Scantech AI Systems, Inc engages in the innovation, emerging technology, and machine learning expertise. ScanTech specializes in developing advanced screening technology that provides the most accurate and fastest detection of prohibited materials. The company was founded on September 5, 2023 and is headquartered in Buford, GA.