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

SolarBank Co. (NASDAQ:SUUN) was the target of a significant increase in short interest in December. As of December 31st, there was short interest totalling 41,800 shares, an increase of 62.6% from the December 15th total of 25,700 shares. Based on an average trading volume of 31,000 shares, the short-interest ratio is presently 1.3 days. Currently, 0.2% of the company’s stock are short sold.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

Separately, HC Wainwright began coverage on SolarBank in a research note on Wednesday, December 11th. They issued a “buy” rating and a $6.00 price objective on the stock.

SolarBank Stock Up 12.0 %

Shares of SUUN traded up $0.24 during midday trading on Thursday, hitting $2.24. The company had a trading volume of 45,933 shares, compared to its average volume of 38,433. The company’s 50-day simple moving average is $2.39 and its 200-day simple moving average is $3.74. 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 1 year low of $1.95 and a 1 year high of $7.50. The firm has a market capitalization of $69.62 million and a P/E ratio of -13.18.

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.