SolarBank Co. (NASDAQ:SUUN) Sees Large Increase in Short Interest

SolarBank Co. (NASDAQ:SUUN) was the recipient of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 168,600 shares, a growth of 130.3% from the February 28th total of 73,200 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily volume of 210,500 shares, the days-to-cover ratio is currently 0.8 days.

SolarBank Trading Down 0.9 %

Shares of SUUN opened at $2.69 on Friday. The stock has a fifty day moving average of $3.77 and a two-hundred day moving average of $3.30. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.68 and a current ratio of 0.91. The company has a market capitalization of $86.82 million and a PE ratio of -12.20. SolarBank has a fifty-two week low of $1.95 and a fifty-two week high of $7.50.

SolarBank (NASDAQ:SUUN) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The company had revenue of $2.93 million during the quarter, compared to analysts’ expectations of $16.44 million. SolarBank had a negative return on equity of 15.19% and a negative net margin of 10.64%. As a group, analysts forecast that SolarBank will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of SolarBank in a research note on Tuesday, March 18th.

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.