Short Interest in SUNation Energy Inc. (NASDAQ:SUNE) Declines By 50.3%

SUNation Energy Inc. (NASDAQ:SUNE) saw a significant drop in short interest in the month of August. As of August 14th, there was short interest totaling 169,682 shares, a drop of 50.3% from the July 30th total of 341,209 shares. Based on an average daily volume of 146,487 shares, the days-to-cover ratio is presently 1.2 days. Currently, 2.6% of the shares of the company are short sold.

Institutional Investors Weigh In On SUNation Energy

An institutional investor recently bought a new stake in SUNation Energy stock. Renaissance Technologies LLC bought a new stake in shares of SUNation Energy Inc. (NASDAQ:SUNE) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 92,515 shares of the company’s stock, valued at approximately $204,000. Renaissance Technologies LLC owned approximately 2.71% of SUNation Energy as of its most recent SEC filing. 4.21% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Weiss Ratings downgraded SUNation Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded SUNation Energy from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

SUNation Energy Stock Performance

SUNE remained flat at $2.16 on Monday. 28,534 shares of the company were exchanged, compared to its average volume of 4,478,057. The stock has a market cap of $14.07 million, a P/E ratio of -71.98 and a beta of 2.15. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.77 and a quick ratio of 0.57. The firm has a 50 day moving average of $2.45 and a two-hundred day moving average of $1.98. SUNation Energy has a 12-month low of $0.68 and a 12-month high of $9.45.

SUNation Energy (NASDAQ:SUNE) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.52) EPS for the quarter. The company had revenue of $8.16 million for the quarter. SUNation Energy had a negative return on equity of 24.03% and a negative net margin of 8.48%.

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.