Short Interest in SolarBank Co. (NASDAQ:SUUN) Drops By 28.5%

SolarBank Co. (NASDAQ:SUUN) was the target of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 30,300 shares, a drop of 28.5% from the November 15th total of 42,400 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average trading volume of 59,500 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Investors Weigh In On SolarBank

A hedge fund recently raised its stake in SolarBank stock. Virtu Financial LLC grew its holdings in shares of SolarBank Co. (NASDAQ:SUUN) by 91.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,075 shares of the company’s stock after purchasing an additional 11,051 shares during the quarter. Virtu Financial LLC owned about 0.07% of SolarBank worth $103,000 at the end of the most recent reporting period.

SolarBank Trading Up 2.8 %

Shares of SUUN stock traded up $0.06 during trading hours on Friday, hitting $2.20. 11,875 shares of the company were exchanged, compared to its average volume of 33,991. The stock has a market capitalization of $68.02 million and a price-to-earnings ratio of -12.94. The firm has a fifty day simple moving average of $3.12 and a 200 day simple moving average of $4.40. SolarBank has a 52-week low of $2.06 and a 52-week high of $7.50.

SolarBank (NASDAQ:SUUN) last announced its quarterly earnings data on Monday, September 30th. The company reported ($0.25) earnings per share for the quarter. The business had revenue of $5.83 million during the quarter.

Analyst Upgrades and Downgrades

Separately, HC Wainwright started coverage on shares of SolarBank in a report on Wednesday. They issued a “buy” rating and a $6.00 price target on the stock.

About SolarBank

SolarBank Corporation operates as an independent renewable and clean energy project developer and asset operator in Canada and the United States. The company engages in the site origination, development, financing, engineering, procurement, construction, operation, maintenance, and asset management of solar photovoltaic power generation projects.