SolarBank Co. (NASDAQ:SUUN) Sees Significant Decline in Short Interest

SolarBank Co. (NASDAQ:SUUN) was the recipient of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 73,200 shares, a decline of 24.0% from the February 13th total of 96,300 shares. Approximately 0.4% of the shares of the stock are short sold. Based on an average daily volume of 175,900 shares, the days-to-cover ratio is presently 0.4 days.

SolarBank Trading Down 3.3 %

Shares of SUUN opened at $4.35 on Wednesday. The stock has a fifty day moving average price of $3.60 and a two-hundred day moving average price of $3.33. 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 52-week low of $1.95 and a 52-week high of $7.50. The company has a market cap of $140.67 million and a price-to-earnings ratio of -19.77.

SolarBank (NASDAQ:SUUN) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.05) earnings per share (EPS) 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 business had revenue of $2.93 million during the quarter, compared to the consensus estimate of $16.44 million. Analysts predict that SolarBank will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and issued a $6.00 price objective on shares of SolarBank in a research report on Tuesday.

Hedge Funds Weigh In On SolarBank

A hedge fund recently raised its stake in SolarBank stock. Virtu Financial LLC increased its position in shares of SolarBank Co. (NASDAQ:SUUN) by 91.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,075 shares of the company’s stock after acquiring an additional 11,051 shares during the quarter. Virtu Financial LLC owned about 0.07% of SolarBank worth $103,000 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.