SolarBank Co. (NASDAQ:SUUN) Short Interest Up 47.3% in May

SolarBank Co. (NASDAQ:SUUN) was the recipient of a significant increase in short interest in May. As of May 31st, there was short interest totalling 179,700 shares, an increase of 47.3% from the May 15th total of 122,000 shares. Approximately 0.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 249,700 shares, the short-interest ratio is presently 0.7 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in SolarBank stock. Parallel Advisors LLC purchased a new stake in shares of SolarBank Co. (NASDAQ:SUUN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,422 shares of the company’s stock, valued at approximately $42,000. Parallel Advisors LLC owned 0.05% of SolarBank as of its most recent SEC filing.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SUUN shares. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of SolarBank in a research note on Tuesday, March 18th. Alliance Global Partners started coverage on SolarBank in a research report on Wednesday, April 23rd. They set a “buy” rating on the stock.

SolarBank Price Performance

Shares of NASDAQ:SUUN traded up $0.45 during midday trading on Monday, reaching $1.86. The company’s stock had a trading volume of 3,998,308 shares, compared to its average volume of 146,517. The business’s fifty day simple moving average is $1.94 and its 200-day simple moving average is $2.67. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.91 and a quick ratio of 0.68. SolarBank has a fifty-two week low of $1.23 and a fifty-two week high of $6.65. The company has a market capitalization of $65.75 million, a P/E ratio of -8.39 and a beta of 0.83.

SolarBank (NASDAQ:SUUN) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.12). SolarBank had a negative net margin of 10.64% and a negative return on equity of 15.19%. The company had revenue of $6.27 million during the quarter, compared to analyst estimates of $20.50 million. As a group, equities research analysts expect that SolarBank will post -0.04 EPS for the current fiscal year.

SolarBank Company Profile

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.