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

Key Points

• Short interest surged 282.9% to 4.72 million shares as of September 30, representing 10.8% of Greenland Energy’s outstanding shares. Despite the increase, the stock’s high average trading volume results in a days-to-cover ratio of just 0.1.
• Analyst sentiment is mixed: ThinkEquity initiated a “buy” rating, while Wall Street Zen downgraded the stock to “strong sell” and Weiss Ratings maintained a sell-level assessment. The overall consensus rating is “Hold.”
• GLND traded at $2.51, well below its 52-week high of $23.00, and reported a quarterly loss of $0.13 per share. Several institutional investors, including State Street, recently established positions in the company.

Greenland Energy Co (NASDAQ:GLND - Get Free Report) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totaling 4,721,899 shares, an increase of 282.9% from the September 15th total of 1,233,044 shares. Based on an average daily trading volume, of 60,821,359 shares, the days-to-cover ratio is currently 0.1 days. Currently, 10.8% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GLND. Wall Street Zen lowered Greenland Energy from a "sell" rating to a "strong sell" rating in a research note on Saturday. ThinkEquity initiated coverage on Greenland Energy in a research report on Monday, June 15th. They set a "buy" rating for the company. Finally, Weiss Ratings raised Greenland Energy from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, October 2nd. One investment 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 currently has a consensus rating of "Hold".

Greenland Energy Price Performance

NASDAQ:GLND traded down $0.10 during midday trading on Friday, hitting $2.51. The company had a trading volume of 2,286,647 shares, compared to its average volume of 35,644,040. The firm has a market cap of $109.76 million, a P/E ratio of -14.76 and a beta of -5.84. Greenland Energy has a 52-week low of $1.09 and a 52-week high of $23.00. The stock has a fifty day simple moving average of $2.18.

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

Hedge Funds Weigh In On Greenland Energy

Large investors have recently added to or reduced their stakes in the business. NewEdge Wealth LLC bought a new stake in Greenland Energy in the second quarter worth $33,000. Squarepoint Ops LLC bought a new position in shares of Greenland Energy during the second quarter valued at about $41,000. PEAK6 LLC purchased a new position in shares of Greenland Energy in the second quarter worth about $143,000. Resolute Advisors LLC purchased a new position in shares of Greenland Energy in the second quarter worth about $163,000. Finally, State Street Corp purchased a new position in shares of Greenland Energy in the second quarter worth about $417,000.

About Greenland Energy

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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