ANNA — AleAnna, Inc.
Sector: Crude Petroleum & Natural Gas (SIC 1311) | Exchange: NASDAQ
As of: May 27, 2026 — 6:07 PM ET | Market: AFTER-HOURS
AleAnna surged onto the radar May 21 when it announced receipt of a “large” D&M Prospective Resource Report alongside unspecified significant news — the truncated headline title is the loudest unanswered question on this chart.
LOG
| Source | URL | Result |
| [1] Price & Volume | stockanalysis.com/stocks/anna/ | [FRESH] |
| [2] Financials (IS) | stockanalysis.com/stocks/anna/financials/ | [FRESH] |
| [2] Balance Sheet | stockanalysis.com/stocks/anna/financials/balance-sheet/ | [FRESH] |
| [3] Ownership / Short | stockanalysis.com/stocks/anna/statistics/ + Yahoo Holders | [FRESH] |
| [4] Insider Txns | yahoo ANNA/insider-transactions/ (openinsider blocked) | [FRESH — Yahoo] |
| [5] Technicals Proxy | stockanalysis.com/stocks/anna/statistics/ (Finviz blocked) | [FRESH — partial: SMA/RSI only] |
| [6] Options Surface | yahoo ANNA/options/ | [FRESH — no options listed] |
| [7] News & 8-Ks | Yahoo news + SEC EDGAR CIK 0001845123 | [FRESH] |
| [8] Analyst Ratings | stockanalysis.com/stocks/anna/forecast/ (404) | [MISSING] |
| [9] Social Sentiment | Not scraped (no access) | [MISSING] |
| [10] Chart Reference | stockanalysis.com — 1D chart visible | [FRESH] |
Finviz was blocked. ATR and detailed technicals beyond SMA/RSI are [MISSING]. Options do not exist for ANNA — no listed calls or puts as of scrape. Analyst forecast page returns 404 on StockAnalysis.
Current State
| Metric | Value | Tag |
| Price (close) | $3.010 (+0.33%) | [FRESH] |
| After-hours | $3.020 (+0.33%) | [FRESH] |
| Day Range | $2.870 — $3.040 | [FRESH] |
| Volume (today) | 282,122 | [FRESH] |
| Avg Volume (20d) | 562,509 | [FRESH] |
| Volume vs. avg | 50.2% of 20d average | [FRESH] |
| 52-Week Range | $2.310 — $11.010 | [FRESH] |
| Current vs. 52w low | +30.3% above 52w low | [FRESH] |
| Market Cap | $201.47M | [FRESH] |
| Enterprise Value | $167.86M | [FRESH] |
| Shares Outstanding | 66.93M | [FRESH] |
| Float (current class) | 40.94M | [FRESH] |
| SSR Active | Unknown | [MISSING] |
| Beta (5Y) | -1.59 | [FRESH] |
Tape Read
Volume today came in at barely 50% of the 20-day average on a flat session — almost no conviction either way. Price spent the day in a 17-cent band and closed near the top of it. The after-hours print of $3.02 is trivial. This is not a stock being traded; it is a stock being held or forgotten, with occasional pops on news. The beta of -1.59 is telling — this thing moves against the market, which matters for sizing.
Fundamentals
| Metric | TTM (Mar 31, 2026) | FY 2025 | FY 2024 | Tag |
| Revenue | $33.73M | $25.04M | $1.42M | [FRESH] |
| Revenue Growth (YoY) | +1,533.9% | +1,663.0% | — | [FRESH] |
| Cost of Revenue | $6.91M | $6.20M | $1.04M | [FRESH] |
| Gross Profit | $26.83M | $18.84M | $0.38M | [FRESH] |
| Gross Margin | 79.5% | 75.2% | 26.8% | [FRESH] |
| SG&A | $8.56M | $9.66M | $6.26M | [FRESH] |
| Operating Income | $10.22M | $2.90M | -$14.55M | [FRESH] |
| Net Income | $5.88M | $1.80M | -$167.77M | [FRESH] |
| EPS (GAAP) | $0.20 | — | — | [FRESH] |
| P/E Ratio | 15.2x | — | — | [FRESH] |
| Balance Sheet Item | TTM (Mar 31, 2026) | FY 2025 | Tag |
| Cash & Equivalents | $32.4M | $33.13M | [FRESH] |
| Total Current Assets | $37.86M | $36.62M | [FRESH] |
| Net PP&E | $53.08M | $55.09M | [FRESH] |
| Total Assets | $101.36M | $101.30M | [FRESH] |
| Total Current Liabilities | $20.48M | $18.97M | [FRESH] |
| Other LT Liabilities | $20.13M | $22.06M | [FRESH] |
| Total Liabilities | $40.65M | $42.62M | [FRESH] |
| Retained Earnings | -$187.18M | -$189.25M | [FRESH] |
| Total Equity (incl. minority) | $60.71M | $58.68M | [FRESH] |
| Net Cash | +$32.4M (no traditional debt) | — | [FRESH] |
Dilution Watch
No S-3 or ATM filings found on EDGAR for CIK 0001845123. No shelf registration visible. Shares outstanding increased +1.49% YoY per StockAnalysis. Warrants/convertibles not confirmed absent — check the 10-K directly. [FRESH — no S-3 found]
Fundamentals Read
The headline revenue numbers look spectacular until you remember FY 2024 revenue was $1.42M and the company only became a going concern as AleAnna after the merger with Swiftmerge Acquisition Corp. (formerly a SPAC). Revenue is real — they are selling natural gas — but the YoY growth percentages are essentially meaningless given the de-SPAC starting base. What matters: the TTM gross margin of 79.5% is genuinely strong for an E&P company, and the balance sheet is clean with $32.4M cash and no conventional debt line visible. The FY 2024 net loss of $167.77M is almost certainly driven by non-cash SPAC-merger accounting (goodwill impairment or fair-value adjustments), not operating burns. The $10.22M TTM operating income and positive $5.88M net income are the real story — this is a company that has moved from pre-revenue to profitable in 18 months. At $201M market cap against $167.86M EV and $33.73M TTM revenue, the EV/Revenue is approximately 5x, which is reasonable for a profitable E&P micro-cap with 79% gross margins if production growth continues.
Positioning & Ownership
| Metric | Value | Tag |
| Short Interest | 563,121 shares | [FRESH] |
| Short % of Float | 5.77% | [FRESH] |
| Short % of Shares Out | 0.84% | [FRESH] |
| Days to Cover | 0.22 | [FRESH] |
| Borrow Fee | Not found | [MISSING] |
| Prior Month Short Interest | 384,254 (MoM: +46.6%) | [FRESH] |
| Institutional Ownership | 75.52% of shares | [FRESH] |
| % of Float held by institutions | 92.99% | [FRESH] |
| # of Institutions | 21 | [FRESH] |
| Institutional QoQ change | -1,065,438 shares (-3.45%) | [FRESH] |
| Insider Ownership | 18.78% | [FRESH] |
| Total Insider Shares Held | 7.64M | [FRESH] |
| Insider Net (recent) | -85,589 shares net (Purchases: 240,195 | Sales: 325,784) | [FRESH] |
Positioning Read
Short interest is modest at 5.77% of float and a 0.22-day cover — there is no meaningful short squeeze setup here. What is more notable is that short interest jumped 46.6% month-over-month, suggesting someone is taking a directional bearish position, possibly after the D&M report announcement. With only 21 institutional holders owning 93% of the float, this is effectively a private-equity-like cap structure in public form. Net institutional selling of 3.45% last quarter means the 21 holders were modestly trimming. Insider activity shows more sells than buys by share count, but the purchases (240k shares) are not trivial. CEO Brun Macro is named — specific transaction amounts not available via Yahoo.
Technicals
| Indicator | Value | Price Relation | Tag |
| SMA50 | $4.78 | Price BELOW (-37%) | [FRESH] |
| SMA200 | $3.78 | Price BELOW (-20%) | [FRESH] |
| SMA20 | Not available | — | [MISSING] |
| RSI (14) | 39.57 | Approaching oversold territory | [FRESH] |
| ATR (14) | Not available (Finviz blocked) | — | [MISSING] |
| 52-Week Change | -70.29% | Deep downtrend from $11.01 high | [FRESH] |
| Key Support | ~$2.31 (52w low) | — | [FRESH — inferred] |
| Key Resistance | ~$4.78 (SMA50) | — | [FRESH — inferred] |
Technicals Read
Price is below both the 50-day ($4.78) and 200-day ($3.78) moving averages — pure downtrend structure. It has been grinding between $2.31 and $3.50 for what appears to be several months based on the 52-week range, creating a base-building zone but not a confirmed reversal. RSI at 39.57 is neutral to mildly oversold but not at an extreme that would signal a mechanical bounce. The SMA50 at $4.78 represents a 59% move from current price — that is not resistance, it is a ceiling several catalysts away. The D&M news release 6 days ago did not produce a volume spike based on today’s 50% avg volume. Either the market has not fully priced the report, or it already has.
Catalyst Map
| Catalyst | Date / Window | Type | Source | Freshness |
| D&M Prospective Resource Report + “significant” news | Released ~May 21, 2026 | Resource / Corporate PR | Yahoo/GlobeNewswire | [FRESH] |
| Q1 2026 Earnings Release | Reported May 14, 2026 | Earnings (item 2.02 8-K) | EDGAR | [FRESH] |
| 8-K item 5.02 filing | Apr 17, 2026 | Management/Personnel change | EDGAR | [FRESH] |
| 8-K item 7.01 | Mar 12 + Jan 20, 2026 | Regulation FD — corporate updates | EDGAR | [FRESH] |
| Q4 / FY 2025 Results | ~Q1 2026 (already past) | Earnings | Yahoo | [FRESH] |
| Q2 2026 Earnings | ~August 2026 | Earnings | [EST — quarterly cadence] | [EST] |
| Next Nat Gas catalyst: storage/EIA data | Weekly (Thursdays) | Macro — natural gas commodity | EIA.gov | [MEM] |
Macro Overlay
Natural gas prices are the primary macro driver for ANNA. Henry Hub spot and NYMEX Nat Gas futures directly affect realized revenue per Mcf. In the next 45 days: EIA weekly storage reports every Thursday are the key recurring catalyst. Any heat-driven summer demand spike in the US South (relevant for Texas-based operations) would be a positive. Fed rate decisions (June FOMC) affect micro-cap risk appetite but are secondary. VIX is currently at 16.29 per Yahoo, which is benign — no macro risk-off pressure.
Catalyst Read
The D&M Prospective Resource Report is the most market-moving potential event and it landed 6 days ago with essentially zero volume response. Either (a) the content was not as significant as the headline implied, (b) it was a forward-looking resource estimate with no near-term monetization, or (c) the 21 institutional holders simply have not acted yet. The full text of that press release was behind a Yahoo login wall — the specific resource numbers are [MISSING] from this DD. That is the single biggest gap in this analysis. Q1 results were filed May 14 and confirmed positive EPS — that is already priced.
Flow & Sentiment
| Metric | Value | Tag |
| Options Flow | No options listed — no calls, no puts exist for ANNA | [FRESH — verified] |
| Put/Call Ratio | N/A — no options market | [FRESH — N/A] |
| Dark Pool | Not available | [MISSING] |
| StockTwits / Reddit | Not scraped | [MISSING] |
| Institutional 13F net | -1,065,438 shares QoQ (3.45% reduction) | [FRESH] |
| Short momentum | +46.6% MoM increase in short interest | [FRESH] |
Flow Read
Without options or accessible social data, the only directional signal from positioning is the institutions mildly trimming and shorts modestly building. That combination — smart money reducing and bears adding — is not a bullish setup. The absence of an options market entirely removes the leveraged speculation channel; this stock will not run on a gamma squeeze. Any move has to be driven by fundamental re-rating from natural gas production news or the D&M resource report follow-through.
Thesis Stress Test
Bull Case Requires
- The D&M Prospective Resource Report details show economically significant, developable reserves (not just speculative upside resources) that justify a material re-rating of the asset base.
- Natural gas prices hold or rise through summer 2026, supporting Q2 revenue in line with the $8-10M quarterly run rate implied by TTM numbers.
- Institutions (21 current holders) absorb the Q2 report and either hold or add, preventing a further float bleed-out.
Bull Case Dies If
- The D&M report contained only “prospective” resources (undrilled, unproven) with multi-year development timelines and high geological risk — which would explain why volume did not react.
- Natural gas prices drop materially (Henry Hub below $2.50/MMBtu) compressing already-thin production margins.
Bear Case Requires
- Price breaks below $2.31 (52-week low), triggering institutional stop-loss selling into a thin float with only 40.94M public shares.
- Q2 2026 revenue disappoints below $7M on weaker gas prices, pushing operating income back negative and breaking the profitability thesis.
Bear Case Dies If
- AleAnna announces a development decision or farm-out agreement on the D&M resources, or discloses a strategic transaction — any of which would force the 21 institutions to reassess their position sizes.
Base Case (30-90 Days)
ANNA continues to grind sideways between $2.50 and $3.50 while the market waits for the Q2 production report and clarity on the D&M resource development plan. The profitability story is intact but not sufficient on its own to re-rate a micro-cap that has already fallen 70% from its high. A re-test of the $2.31 low is more likely than a breakout above $4.78 (SMA50) absent a specific catalyst. The key date is whenever AleAnna provides a development update on the D&M resources.
Risk/Reward POV
Long from current levels ($3.01) with a stop at $2.25 (below the 52w low) risks approximately $0.76/share (25%) to target the SMA200 at $3.78 (25% upside) or SMA50 at $4.78 (59% upside). The reward/risk on a swing to SMA200 is roughly 1:1, which is not compelling on its own. The setup only becomes interesting if the D&M report details contain provable reserves that would support a NAV calculation significantly above current price. Without knowing those numbers — and they are [MISSING] from this DD — sizing should be minimal. The stock has no options market, no squeeze potential, 21 institutional holders who are trimming, and rising short interest. The only reason to own it here is a calculated bet that the resource report re-rates the company on a NAV basis. That is an information-dependent trade, not a technical one.
Entry & Exit Plan
Sized for swing trade (2-4 weeks). Adjust to your risk tolerance.
Equity Plan
| Element | Level | Logic |
| Entry trigger | $3.05+ on volume >600k | Confirms conviction above today’s close on above-avg volume |
| Soft stop | $2.72 | ~1x estimated daily range below entry — treat as warning level |
| Hard stop | $2.25 | Below 52-week low — thesis invalidated, institutional support gone |
| Target 1 | $3.78 | SMA200 — first structural resistance, 25% from entry |
| Target 2 | $4.78 | SMA50 — next ceiling, 57% from entry (requires D&M catalyst) |
| Time horizon | 2-6 weeks | Catalyst-dependent; cut if no news by 30 days |
Sizing note: Volume today was 50% of the 20-day average — apply half-size at minimum. No options available, so no protective structures are possible. If the D&M report details remain [MISSING] when you consider entry, treat this as speculative sizing only (sub-1% of portfolio).
Options structures: not available — ANNA has no listed options.
Risk Register
| Risk | Severity | Likelihood | Trigger to Watch |
| D&M report contains only speculative resources, no near-term development | High | Medium-High | Read the full press release text |
| Thin float (40.94M shares, 93% held by 21 institutions) | High | Ongoing | Any institution crossing below 5% threshold is a flush |
| Natural gas price decline (Henry Hub) | High | Medium | EIA weekly storage reports; Henry Hub futures |
| Rising short interest (up 46.6% MoM) | Medium | Ongoing | Next SI reporting date — if it crosses 10% of float, reassess |
| Macro risk-off (VIX spike) | Medium | Low (VIX at 16.3) | VIX > 25 would compress all micro-cap risk appetite |
| Liquidity gap on breakout | Medium | High (given low vol today) | Volume < 400k on any entry day — do not enter |
| No analyst coverage / price targets | Medium | Ongoing | Zero external price targets visible — entirely self-directed |
Data Gaps Summary
All [MISSING] tags from this DD consolidated below:
- [MISSING] D&M Prospective Resource Report content — the full press release text (headline truncated, Yahoo behind login). This is the most material gap.
- [MISSING] SMA20 — Finviz blocked; only 50d and 200d available via StockAnalysis statistics page.
- [MISSING] ATR (14) — Finviz blocked, no ATR available from permitted sources.
- [MISSING] Borrow fee — not available without Finviz/IB data.
- [MISSING] SSR (Short Sale Rule) status — not confirmed.
- [MISSING] Analyst consensus / price targets — StockAnalysis forecast page returns 404. Zero analyst data scraped.
- [MISSING] Social sentiment (StockTwits, Reddit) — no access to these sources.
- [MISSING] Dark pool prints — no source available.
- [MISSING] Options flow / IV rank / put-call ratio — no options market exists for ANNA.
- [MISSING] Specific insider transaction dollar amounts and open-market buy/sell confirmation — Yahoo shows totals but not per-transaction detail (openinsider.com blocked).
- [MISSING] Warrants / convertible notes detail — no S-3 filed, but 10-K was not reviewed for warrant schedules.
Not financial advice. DYOR. All data sourced — May 27, 2026, 6:07 PM ET. Data freshness tagged per section. Missing data explicitly flagged and not estimated.