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

SolarBank Co. (NASDAQ:SUUN) saw a large increase in short interest in March. As of March 31st, there was short interest totalling 300,200 shares, an increase of 78.1% from the March 15th total of 168,600 shares. Based on an average daily trading volume, of 245,600 shares, the days-to-cover ratio is currently 1.2 days. Approximately 1.4% of the company’s stock are sold short.

Institutional Investors Weigh In On SolarBank

A hedge fund recently raised its stake in SolarBank stock. Virtu Financial LLC raised its holdings in SolarBank Co. (NASDAQ:SUUN) by 91.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 SEC filing.

SolarBank Stock Performance

Shares of SUUN opened at $2.28 on Thursday. SolarBank has a 1 year low of $1.95 and a 1 year high of $6.87. The stock has a market capitalization of $73.73 million and a PE ratio of -10.36. 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 stock has a 50-day simple moving average of $3.62 and a 200-day simple moving average of $3.13.

SolarBank (NASDAQ:SUUN) last issued its earnings results on Wednesday, February 19th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). SolarBank had a negative net margin of 10.64% and a negative return on equity of 15.19%. The firm had revenue of $2.93 million during the quarter, compared to analyst estimates of $16.44 million. On average, analysts predict that SolarBank will post -0.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

SolarBank Company Profile

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.