Short Interest in Sky Quarry Inc. (NASDAQ:SKYQ) Grows By 1,541.5%

Sky Quarry Inc. (NASDAQ:SKYQ) was the target of a large increase in short interest in April. As of April 15th, there was short interest totaling 2,376,992 shares, an increase of 1,541.5% from the March 31st total of 144,804 shares. Based on an average daily trading volume, of 39,388,111 shares, the short-interest ratio is currently 0.1 days. Approximately 68.2% of the company’s shares are sold short.

Hedge Funds Weigh In On Sky Quarry

A hedge fund recently bought a new stake in Sky Quarry stock. JPMorgan Chase & Co. bought a new position in Sky Quarry Inc. (NASDAQ:SKYQ) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,249,882 shares of the company’s stock, valued at approximately $1,387,000. JPMorgan Chase & Co. owned 10.51% of Sky Quarry at the end of the most recent quarter.

Sky Quarry Stock Performance

NASDAQ SKYQ traded down $1.06 on Friday, reaching $6.00. The company had a trading volume of 819,032 shares, compared to its average volume of 6,041,430. The firm has a market capitalization of $22.56 million, a price-to-earnings ratio of -1.23 and a beta of -0.65. Sky Quarry has a 1-year low of $1.66 and a 1-year high of $19.45. The company’s fifty day moving average is $4.64 and its 200-day moving average is $3.63.

Sky Quarry (NASDAQ:SKYQ) last announced its earnings results on Tuesday, March 31st. The company reported ($0.89) earnings per share for the quarter. The company had revenue of $0.28 million during the quarter. Sky Quarry had a negative return on equity of 188.99% and a negative net margin of 97.65%.

Analysts Set New Price Targets

SKYQ has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Sky Quarry to a “sell” rating in a research report on Saturday, March 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Sky Quarry in a research report on Tuesday. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

About Sky Quarry

We are an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. The recycling of asphalt shingles is expected to reduce the dependence on landfills for the removal of waste and to also reduce dependence on foreign and domestic virgin crude oil extraction for industrial uses. We have developed a process for separating oil from oily sands and other oil-bearing solids utilizing a proprietary solvent which we refer to as our ECOSolv technology or the ECOSolv process.