SUNation Energy Inc. (NASDAQ:SUNE) Sees Significant Decline in Short Interest

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

Hedge Funds Weigh In On SUNation Energy

An institutional investor recently bought a new stake in SUNation Energy stock. Renaissance Technologies LLC acquired a new stake in shares of SUNation Energy Inc. (NASDAQ:SUNE) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 92,515 shares of the company’s stock, valued at approximately $204,000. Renaissance Technologies LLC owned approximately 2.71% of SUNation Energy at the end of the most recent quarter. Hedge funds and other institutional investors own 4.21% of the company’s stock.

SUNation Energy Price Performance

Shares of SUNation Energy stock traded down $0.10 on Thursday, hitting $2.60. 388,955 shares of the company traded hands, compared to its average volume of 5,509,994. The firm’s 50-day simple moving average is $2.13 and its 200 day simple moving average is $1.68. The company has a current ratio of 0.72, a quick ratio of 0.49 and a debt-to-equity ratio of 0.15. The company has a market cap of $10.72 million, a P/E ratio of -0.98 and a beta of 2.15. SUNation Energy has a 12-month low of $0.68 and a 12-month high of $9.45.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SUNE shares. Wall Street Zen downgraded SUNation Energy from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings upgraded SUNation Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, SUNation Energy presently has an average rating of “Sell”.

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.