Short Interest in SUNation Energy Inc. (NASDAQ:SUNE) Decreases By 42.3%

SUNation Energy Inc. (NASDAQ:SUNE) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 282,944 shares, a drop of 42.3% from the June 15th total of 490,679 shares. Based on an average daily trading volume, of 571,477 shares, the days-to-cover ratio is presently 0.5 days. Approximately 6.9% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

SUNE has been the subject of a number of research reports. Weiss Ratings raised shares of SUNation Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Wall Street Zen cut SUNation Energy from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell”.

Institutional Investors Weigh In On SUNation Energy

A hedge fund recently bought a new position in SUNation Energy stock. Renaissance Technologies LLC acquired a new stake in SUNation Energy Inc. (NASDAQ:SUNE) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 92,515 shares of the company’s stock, valued at approximately $204,000. Renaissance Technologies LLC owned approximately 2.71% of SUNation Energy at the end of the most recent reporting period. 4.21% of the stock is owned by institutional investors.

SUNation Energy Stock Performance

Shares of NASDAQ:SUNE opened at $2.30 on Friday. The firm’s 50 day simple moving average is $2.15 and its 200 day simple moving average is $1.69. The company has a market capitalization of $9.48 million, a price-to-earnings ratio of -0.87 and a beta of 2.15. SUNation Energy has a fifty-two week low of $0.68 and a fifty-two week high of $9.45. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.72 and a quick ratio of 0.49.

SUNation Energy (NASDAQ:SUNE) last announced its quarterly earnings results on Friday, May 15th. The company reported ($1.20) earnings per share (EPS) for the quarter. The business had revenue of $7.19 million during the quarter. SUNation Energy had a negative return on equity of 51.96% and a negative net margin of 17.28%.

About SUNation Energy

SUNation Energy Group, Inc is a Florida-based solar energy company specializing in the design, engineering, procurement, construction and maintenance of photovoltaic solar systems. Headquartered in Boca Raton, the company focuses on delivering turnkey solar solutions for residential and commercial customers. Its integrated service model spans site assessment, system design, installation, interconnection and ongoing performance monitoring.

The company’s product offering includes rooftop and ground-mounted solar arrays, energy storage systems and electric vehicle charging stations.