Greenland Energy (NASDAQ:GLND) Trading Up 7% - Time to Buy?

Key Points

• Greenland Energy shares rose 7% to $1.23, despite trading volume falling 40% below its average; the company has a market capitalization of about $53.8 million and trades well below its 50-day moving average of $1.80.
• Analyst sentiment is mixed, with one Buy and one Sell rating producing a consensus Hold rating. The company reported a quarterly loss of $0.13 per share and has a negative price-to-earnings ratio.
• A company director purchased 15,000 shares for $38,400, while several institutional investors initiated positions during the second quarter. Greenland Energy is an early-stage oil and gas explorer focused on East Greenland’s Jameson Land Basin.

Greenland Energy Co (NASDAQ:GLND - Get Free Report)'s stock price shot up 7% during trading on Thursday . The stock traded as high as $1.24 and last traded at $1.23. 589,812 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 990,456 shares. The stock had previously closed at $1.15.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GLND shares. Weiss Ratings raised shares of Greenland Energy from a "sell (e)" rating to a "sell (d-)" rating in a research report on Tuesday, September 1st. ThinkEquity started coverage on shares of Greenland Energy in a report on Monday, June 15th. They set a "buy" rating on the stock. Finally, Wall Street Zen downgraded shares of Greenland Energy from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold".

Greenland Energy Price Performance

The company has a 50 day simple moving average of $1.80. The company has a market cap of $53.79 million, a PE ratio of -7.24 and a beta of -2.64.

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

Insider Buying and Selling at Greenland Energy

In other news, Director Larry G. Swets, Jr. purchased 15,000 shares of the stock in a transaction dated Thursday, June 25th. The shares were acquired at an average cost of $2.56 per share, for a total transaction of $38,400.00. Following the acquisition, the director owned 585,000 shares of the company's stock, valued at approximately $1,497,600. This represents a 2.63% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GLND. NewEdge Wealth LLC purchased a new stake in Greenland Energy during the second quarter valued at approximately $33,000. Squarepoint Ops LLC purchased a new position in Greenland Energy in the second quarter worth $41,000. PEAK6 LLC acquired a new position in shares of Greenland Energy during the second quarter worth $143,000. Finally, Resolute Advisors LLC acquired a new position in shares of Greenland Energy during the second quarter worth $163,000.

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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