SUNation Energy (NASDAQ:SUNE) Shares Down 5.7% – What’s Next?

SUNation Energy Inc. (NASDAQ:SUNE) shares dropped 5.7% during mid-day trading on Thursday . The company traded as low as $2.42 and last traded at $2.47. Approximately 90,708 shares changed hands during mid-day trading, a decline of 98% from the average daily volume of 5,648,921 shares. The stock had previously closed at $2.62.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wall Street Zen downgraded SUNation Energy from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings lowered SUNation Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has a consensus rating of “Sell”.

SUNation Energy Stock Performance

The firm has a market cap of $10.18 million, a price-to-earnings ratio of -0.93 and a beta of 2.15. The firm’s 50 day moving average is $2.44 and its 200-day moving average is $1.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.49 and a current ratio of 0.72.

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

Hedge Funds Weigh In On SUNation Energy

A hedge fund recently bought a new stake in SUNation Energy stock. Renaissance Technologies LLC purchased a new position in shares of SUNation Energy Inc. (NASDAQ:SUNE) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 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. Institutional investors own 4.21% of the company’s stock.

SUNation Energy Company Profile

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.