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

SolarBank Co. (NASDAQ:SUUN) was the target of a large drop in short interest in 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 trading volume of 175,900 shares, the short-interest ratio is currently 0.4 days. Approximately 0.4% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and set a $6.00 target price on shares of SolarBank in a research report on Tuesday.

Institutional Inflows and Outflows

An institutional investor recently raised its position in SolarBank stock. Virtu Financial LLC raised its stake in SolarBank Co. (NASDAQ:SUUN) by 91.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,075 shares of the company’s stock after purchasing an additional 11,051 shares during the quarter. Virtu Financial LLC owned 0.07% of SolarBank worth $103,000 at the end of the most recent reporting period.

SolarBank Stock Performance

NASDAQ:SUUN traded down $0.19 during mid-day trading on Tuesday, reaching $4.31. 73,205 shares of the stock were exchanged, compared to its average volume of 83,641. The company has a 50 day simple moving average of $3.56 and a 200-day simple moving average of $3.33. The stock has a market capitalization of $139.37 million and a P/E ratio of -19.59. The company has a quick ratio of 0.68, a current ratio of 0.91 and a debt-to-equity ratio of 0.92. SolarBank has a 1 year low of $1.95 and a 1 year high of $7.50.

SolarBank (NASDAQ:SUUN) last released its quarterly 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). The firm had revenue of $2.93 million for the quarter, compared to analysts’ expectations of $16.44 million. SolarBank had a negative return on equity of 15.19% and a negative net margin of 10.64%. Analysts anticipate that SolarBank will post -0.04 earnings per share 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.