Short Interest in ScanTech AI Systems Inc. (NASDAQ:STAI) Declines By 27.9%

ScanTech AI Systems Inc. (NASDAQ:STAI) saw a significant decrease in short interest in September. As of September 15th, there was short interest totaling 2,690,000 shares, a decrease of 27.9% from the August 31st total of 3,730,000 shares. Approximately 4.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 8,790,000 shares, the short-interest ratio is presently 0.3 days. Based on an average daily trading volume, of 8,790,000 shares, the short-interest ratio is presently 0.3 days. Approximately 4.8% of the shares of the stock are sold short.

ScanTech AI Systems Price Performance

Shares of ScanTech AI Systems stock opened at $0.45 on Thursday. ScanTech AI Systems has a twelve month low of $0.35 and a twelve month high of $5.20. The company’s fifty day moving average is $0.46 and its 200 day moving average is $0.94.

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

Insider Activity

In other news, major shareholder Global Asset Managemen Seaport sold 115,000 shares of the company’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $0.51, for a total transaction of $58,650.00. Following the completion of the transaction, the insider directly owned 16,427,973 shares in the company, valued at approximately $8,378,266.23. This represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 230,000 shares of company stock worth $168,200 in the last three months. 22.77% of the stock is currently owned by corporate insiders.

Institutional Trading of ScanTech AI Systems

A number of institutional investors have recently bought and sold shares of STAI. York Capital Management Global Advisors LLC bought a new stake in ScanTech AI Systems during the second quarter valued at $1,136,000. Polar Asset Management Partners Inc. bought a new stake in ScanTech AI Systems during the first quarter valued at $3,045,000. MMCAP International Inc. SPC bought a new stake in ScanTech AI Systems during the first quarter valued at $71,000. Finally, Goldman Sachs Group Inc. bought a new stake in ScanTech AI Systems during the first quarter valued at $39,000. Institutional investors own 74.04% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on STAI. Wall Street Zen upgraded shares of ScanTech AI Systems to a “sell” rating in a report on Friday, September 26th. Weiss Ratings reissued a “sell (e+)” rating on shares of ScanTech AI Systems in a research note on Wednesday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.

About ScanTech AI Systems

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.