Siyata Mobile Sees Increase in Short Interest

Siyata Mobile Inc. (NASDAQ:SYTA) experienced a significant increase in short interest during the month of August. The total short interest as of August 31st was 64,300 shares, a 47.8% increase from the August 15th total of 43,500 shares. Currently, 3.5% of the company’s shares are being sold short. Based on the average daily volume of 298,600 shares, the short-interest ratio is 0.2 days.

Several hedge funds have recently made changes to their stake in Siyata Mobile. Anson Funds Management LP increased its stake in the company by 349.2% in the second quarter. Walleye Capital LLC also purchased a new stake in Siyata Mobile in the second quarter. Concord Wealth Partners and Virtu Financial LLC also increased their positions in the first quarter.

Wall Street analysts have given favorable forecasts for Siyata Mobile. Fundamental Research set a price target of $15.20 on the company’s shares and provided a “buy” rating in a report released in August.

Shares of Siyata Mobile have been trading down, reaching $2.14 during mid-day trading on Friday. The stock has a 52-week range of $2.11 to $53.20. Siyata Mobile has a market cap of $3.96 million and a negative price-to-earnings ratio of -0.06.

Siyata Mobile develops and provides cellular-based communication platforms. The company offers rugged handheld Push-to-Talk over Cellular smartphone devices for various industries, including first responders, construction workers, government agencies, and more.

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