Short Interest in PowerBank Corporation (NASDAQ:SUUN) Declines By 30.5%

PowerBank Corporation (NASDAQ:SUUN) was the target of a significant decline in short interest during the month of February. As of February 27th, there was short interest totaling 1,094,915 shares, a decline of 30.5% from the February 12th total of 1,575,534 shares. Currently, 2.3% of the company’s stock are short sold. Based on an average daily trading volume, of 999,231 shares, the short-interest ratio is currently 1.1 days. Based on an average daily trading volume, of 999,231 shares, the short-interest ratio is currently 1.1 days. Currently, 2.3% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Freedom Capital cut shares of PowerBank from a “hold” rating to a “strong sell” rating in a research note on Monday, February 23rd. Wall Street Zen lowered shares of PowerBank from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 14th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PowerBank in a report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.00.

Institutional Trading of PowerBank

A number of hedge funds have recently modified their holdings of SUUN. Jane Street Group LLC bought a new stake in shares of PowerBank during the 2nd quarter worth about $28,000. NWF Advisory Services Inc. acquired a new position in PowerBank in the 3rd quarter valued at about $46,000. HRT Financial LP bought a new position in PowerBank in the 4th quarter valued at about $55,000. Citadel Advisors LLC acquired a new stake in PowerBank during the third quarter worth approximately $52,000. Finally, Virtu Financial LLC acquired a new stake in PowerBank during the fourth quarter worth approximately $63,000.

PowerBank Stock Performance

Shares of NASDAQ SUUN traded up $0.02 during midday trading on Friday, hitting $0.69. 423,060 shares of the company’s stock were exchanged, compared to its average volume of 945,799. The company has a quick ratio of 0.76, a current ratio of 1.14 and a debt-to-equity ratio of 2.47. The firm has a market capitalization of $32.44 million, a PE ratio of -2.66 and a beta of 1.25. PowerBank has a 12 month low of $0.64 and a 12 month high of $4.99. The company’s 50 day moving average price is $1.27 and its 200 day moving average price is $1.58.

PowerBank (NASDAQ:SUUN) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.18). PowerBank had a negative net margin of 21.31% and a negative return on equity of 16.47%. The business had revenue of $2.23 million during the quarter, compared to the consensus estimate of $10.10 million. As a group, analysts predict that PowerBank will post -0.04 earnings per share for the current fiscal year.

PowerBank Company Profile

PowerBank Corporation, formerly known as 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. It offers solar energy solutions in the areas of behind-the-meter solar power plants, electricity grid connected community solar gardens, and utility scale solar farms.