Greenland Energy Co (NASDAQ:GLND) Sees Significant Drop in Short Interest

Key Points

• Short interest fell 42.9% to 1.71 million shares as of August 31, representing about 3.9% of Greenland Energy’s outstanding stock and 2.2 days of average trading volume.
• Analyst sentiment remains mixed: ThinkEquity initiated coverage with a Buy rating, while Wall Street Zen downgraded the stock to Strong Sell and Weiss Ratings maintained a Sell-related rating. The overall consensus is Hold.
• GLND shares opened at $1.22, near their 12-month low of $1.09 and well below the 12-month high of $23.00; the company also reported a quarterly loss of $0.13 per share.

Greenland Energy Co (NASDAQ:GLND - Get Free Report) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 1,714,976 shares, a decline of 42.9% from the August 15th total of 3,003,460 shares. Approximately 3.9% of the company's stock are short sold. Based on an average daily volume of 777,208 shares, the short-interest ratio is currently 2.2 days.

Wall Street Analyst Weigh In

GLND has been the topic of several research reports. Wall Street Zen cut Greenland Energy from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. Weiss Ratings upgraded Greenland Energy from a "sell (e)" rating to a "sell (d-)" rating in a report on Tuesday, September 1st. Finally, ThinkEquity initiated coverage on Greenland Energy in a research report on Monday, June 15th. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold".

Insider Activity

In related news, Director Larry G. Swets, Jr. bought 15,000 shares of the business's stock in a transaction dated Thursday, June 25th. The shares were acquired at an average price of $2.56 per share, for a total transaction of $38,400.00. Following the purchase, the director owned 585,000 shares in the company, valued at $1,497,600. This trade represents a 2.63% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Hedge Funds Weigh In On Greenland Energy

Large investors have recently made changes to their positions in the business. Squarepoint Ops LLC acquired a new stake in Greenland Energy during the second quarter valued at approximately $41,000. Resolute Advisors LLC acquired a new position in Greenland Energy in the second quarter worth approximately $163,000. PEAK6 LLC acquired a new position in Greenland Energy in the second quarter worth approximately $143,000. Finally, NewEdge Wealth LLC bought a new position in shares of Greenland Energy in the second quarter valued at $33,000.

Greenland Energy Stock Performance

Shares of NASDAQ:GLND opened at $1.22 on Tuesday. The business's 50 day moving average price is $1.76. The company has a market capitalization of $53.35 million, a PE ratio of -7.18 and a beta of -2.64. Greenland Energy has a 12 month low of $1.09 and a 12 month high of $23.00.

Greenland Energy (NASDAQ:GLND - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.13) earnings per share for the quarter.

Greenland Energy Company Profile

Greenland Energy Company operates as an early-stage oil and gas exploration company. It focuses on the Jameson Land Basin in East Greenland. The company is based in Denver, Colorado.

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