Short Interest in SUNation Energy Inc. (NASDAQ:SUNE) Drops By 42.3%

SUNation Energy Inc. (NASDAQ:SUNE) was the target of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totaling 282,944 shares, a decrease of 42.3% from the June 15th total of 490,679 shares. Currently, 6.9% of the shares of the company are sold short. Based on an average trading volume of 571,477 shares, the short-interest ratio is currently 0.5 days.

Hedge Funds Weigh In On SUNation Energy

A hedge fund recently bought a new stake in SUNation Energy stock. Renaissance Technologies LLC purchased a new position in SUNation Energy Inc. (NASDAQ:SUNE) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 92,515 shares of the company’s stock, valued at approximately $204,000. Renaissance Technologies LLC owned 2.71% of SUNation Energy at the end of the most recent quarter. Institutional investors own 4.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SUNE shares. Weiss Ratings upgraded shares of SUNation Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Wall Street Zen lowered shares of SUNation Energy from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Sell rating, According to MarketBeat, SUNation Energy currently has an average rating of “Sell”.

SUNation Energy Stock Performance

SUNE stock traded down $0.09 during trading on Friday, reaching $2.51. 622,620 shares of the company’s stock were exchanged, compared to its average volume of 6,164,796. The company has a quick ratio of 0.49, a current ratio of 0.72 and a debt-to-equity ratio of 0.15. SUNation Energy has a 1-year low of $0.68 and a 1-year high of $9.45. The company’s fifty day moving average price is $2.16 and its 200-day moving average price is $1.70. The firm has a market cap of $10.34 million, a PE ratio of -0.95 and a beta of 2.15.

SUNation Energy (NASDAQ:SUNE) last issued its quarterly earnings results on Friday, May 15th. The company reported ($1.20) EPS for the quarter. SUNation Energy had a negative net margin of 17.28% and a negative return on equity of 51.96%. The business had revenue of $7.19 million for the quarter.

About SUNation Energy

SUNation Energy Group, Inc is a Florida-based solar energy company specializing in the design, engineering, procurement, construction and maintenance of photovoltaic solar systems. Headquartered in Boca Raton, the company focuses on delivering turnkey solar solutions for residential and commercial customers. Its integrated service model spans site assessment, system design, installation, interconnection and ongoing performance monitoring.

The company’s product offering includes rooftop and ground-mounted solar arrays, energy storage systems and electric vehicle charging stations.