SolarBank Co. (NASDAQ:SUUN) Short Interest Up 47.3% in May

SolarBank Co. (NASDAQ:SUUN) saw a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 179,700 shares, an increase of 47.3% from the May 15th total of 122,000 shares. Based on an average daily trading volume, of 249,700 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.8% of the shares of the company are sold short.

Analysts Set New Price Targets

SUUN has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of SolarBank in a research note on Tuesday, March 18th. Alliance Global Partners initiated coverage on shares of SolarBank in a report on Wednesday, April 23rd. They set a “buy” rating on the stock.

SolarBank Stock Performance

Shares of NASDAQ:SUUN traded up $0.45 during trading on Monday, hitting $1.86. 3,998,308 shares of the stock were exchanged, compared to its average volume of 146,517. The company has a market capitalization of $65.75 million, a price-to-earnings ratio of -8.39 and a beta of 0.83. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.68 and a current ratio of 0.91. SolarBank has a 1-year low of $1.23 and a 1-year high of $6.65. The company’s fifty day simple moving average is $1.94 and its 200-day simple moving average is $2.67.

SolarBank (NASDAQ:SUUN) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.12). SolarBank had a negative return on equity of 15.19% and a negative net margin of 10.64%. The business had revenue of $6.27 million for the quarter, compared to analyst estimates of $20.50 million. Sell-side analysts expect that SolarBank will post -0.04 EPS for the current fiscal year.

Institutional Trading of SolarBank

An institutional investor recently bought a new position in SolarBank stock. Parallel Advisors LLC acquired a new stake in SolarBank Co. (NASDAQ:SUUN) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 17,422 shares of the company’s stock, valued at approximately $42,000. Parallel Advisors LLC owned 0.05% of SolarBank at the end of the most recent quarter.

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.