PowerBank Corporation (NASDAQ:SUUN) Sees Significant Growth in Short Interest

PowerBank Corporation (NASDAQ:SUUN - Get Free Report) saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totaling 489,300 shares, anincreaseof58.0% from the July 15th total of 309,600 shares. Based on an average daily volume of 318,700 shares, the short-interest ratio is presently 1.5 days. Currently,2.2% of the shares of the company are sold short. Currently,2.2% of the shares of the company are sold short. Based on an average daily volume of 318,700 shares, the short-interest ratio is presently 1.5 days.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SUUN. D Boral Capital raised shares of PowerBank to a "strong-buy" rating in a research note on Tuesday, July 8th. D. Boral Capital began coverage on shares of PowerBank in a research note on Tuesday, July 8th. They set a "buy" rating and a $4.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, PowerBank presently has a consensus rating of "Buy" and an average target price of $5.00.

PowerBank Price Performance

NASDAQ:SUUN traded down $0.0050 during mid-day trading on Friday, hitting $2.3450. 206,607 shares of the stock traded hands, compared to its average volume of 281,721. The company has a quick ratio of 0.94, a current ratio of 1.13 and a debt-to-equity ratio of 0.98. PowerBank has a 12-month low of $1.23 and a 12-month high of $6.43. The company has a market cap of $83.74 million, a PE ratio of -5.23 and a beta of 0.92. The business's 50-day moving average price is $1.59 and its 200 day moving average price is $2.43.

Hedge Funds Weigh In On PowerBank

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC bought a new stake in PowerBank during the 2nd quarter valued at $28,000. Baader Bank Aktiengesellschaft bought a new stake in PowerBank during the 1st quarter valued at $35,000. Finally, Parallel Advisors LLC raised its holdings in PowerBank by 57.4% during the 2nd quarter. Parallel Advisors LLC now owns 27,422 shares of the company's stock valued at $42,000 after buying an additional 10,000 shares during the last quarter.

About PowerBank

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.