Short Interest in SolarBank Co. (NASDAQ:SUUN) Declines By 24.0%

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

SolarBank Stock Performance

Shares of SUUN stock traded down $0.19 during midday trading on Tuesday, hitting $4.31. The company had a trading volume of 73,205 shares, compared to its average volume of 83,641. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.91 and a quick ratio of 0.68. The company’s 50 day simple moving average is $3.56 and its 200 day simple moving average is $3.33. The stock has a market cap of $139.37 million and a price-to-earnings ratio of -19.59. SolarBank has a 52-week low of $1.95 and a 52-week high of $7.50.

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

Institutional Trading of SolarBank

A hedge fund recently raised its stake in SolarBank stock. Virtu Financial LLC grew its holdings in SolarBank Co. (NASDAQ:SUUN) by 91.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,075 shares of the company’s stock after buying 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.

Analyst Ratings Changes

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

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.