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

SolarBank Co. (NASDAQ:SUUN) was the target of a large increase in short interest in January. As of January 31st, there was short interest totalling 33,900 shares, an increase of 15.7% from the January 15th total of 29,300 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 109,100 shares, the short-interest ratio is currently 0.3 days.

SolarBank Stock Performance

Shares of NASDAQ SUUN opened at $5.52 on Friday. The firm’s 50-day simple moving average is $2.73 and its 200 day simple moving average is $3.41. The company has a current ratio of 0.91, a quick ratio of 0.68 and a debt-to-equity ratio of 0.92. SolarBank has a 12-month low of $1.95 and a 12-month high of $7.50.

SolarBank (NASDAQ:SUUN) last issued its quarterly earnings results on Friday, February 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). SolarBank had a negative return on equity of 13.89% and a negative net margin of 6.92%. The company had revenue of $2.93 million for the quarter, compared to analyst estimates of $11.64 million. Research analysts predict that SolarBank will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright started coverage on shares of SolarBank in a research report on Wednesday, December 11th. They set a “buy” rating and a $6.00 price target on the stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in SolarBank stock. Virtu Financial LLC raised its holdings in shares of SolarBank Co. (NASDAQ:SUUN) by 91.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,075 shares of the company’s stock after purchasing an additional 11,051 shares during the period. Virtu Financial LLC owned 0.07% of SolarBank worth $103,000 as of its most recent filing with the Securities and Exchange Commission.

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.