Short Interest in SolarBank Co. (NASDAQ:SUUN) Grows By 130.3%

SolarBank Co. (NASDAQ:SUUN) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 168,600 shares, an increase of 130.3% from the February 28th total of 73,200 shares. Based on an average daily volume of 210,500 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.8% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of SolarBank in a research note on Tuesday, March 18th.

Institutional Inflows and Outflows

An institutional investor recently raised its position in SolarBank stock. Virtu Financial LLC boosted its holdings in SolarBank Co. (NASDAQ:SUUN) by 91.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,075 shares of the company’s stock after buying an additional 11,051 shares during the period. Virtu Financial LLC owned approximately 0.07% of SolarBank worth $103,000 as of its most recent SEC filing.

SolarBank Stock Performance

SUUN opened at $2.45 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.68 and a current ratio of 0.91. The company has a market cap of $79.23 million and a PE ratio of -11.14. The stock has a 50-day moving average of $3.77 and a 200-day moving average of $3.29. SolarBank has a 52-week low of $1.95 and a 52-week high of $7.50.

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

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.