Strong Solar Trends Make Short Sellers Run for Cover

Energy

Published: September 11, 2014 8:45 am

Last Updated: April 28, 2020 5:37 am

All five of the solar stocks we track for short interest fell during the two-week period to August 29. The solar industry is performing better in general than a lot of people expected, so the shorts have pulled back. For short sellers of one of these stocks, though, this week has been a bonanza.

First Solar Inc. (NASDAQ: FSLR) saw short interest fall by 13.6% to 8.92 million shares, which represents 12.2% of the company’s float, and days to cover is 6. In the two-week short interest period, shares rose 0.8%, they and are up more than 23% year-to-date through Wednesday’s close at $70.97. The stock’s 52-week range is $37.88 to $74.84.

SunEdison Inc. (NYSE: SUNE) showed a decrease of 3% in short interest to 64.73 million shares. About 24.2% of the company’s stock is now short and days to cover is 10. In the latest two-week short interest period, shares rose 5.5%. They are up about 50% year-to-date through Wednesday’s close at $21.00. The 52-week range is $7.13 to $24.35.

SunPower Corp. (NASDAQ: SPWR) saw a short interest decline of about 3.8% to 10.51 million shares, or 20.3% of the company’s total float. In the two-week short interest period to August 29, shares rose about 6.8%, and they are up more than 17% year-to-date after closing at $38.00 on Wednesday. The stock’s 52-week range is $23.03 to $42.07. Days to cover is 8.

SolarCity Corp. (NASDAQ: SCTY) showed a drop of 3.8% in short interest to 11.61 million shares, or 22.4% of the company’s float. Days to cover is 5. In the two-week short interest period, shares slipped about 4.4%, but they are up about 19% year-to-date. The stock’s 52-week range is $32.10 to $88.35, and shares ended Wednesday at $70.48.

GT Advanced Technologies Inc. (NASDAQ: GTAT) saw short interest drop by 8.9% to 51.5 million shares, about 37.8% of the company’s total float. Days to cover is 6. In the two-week short interest period, shares rose about 2.5%, and they are up nearly 40% year-to-date through Wednesday, when the shares closed at $12.78. The stock’s 52-week range is $6.28 to $20.54.

Two weeks ago, GT’s stock had doubled year-to-date. Then, on Tuesday, Apple Inc. (NASDAQ: AAPL) announced that the new iPhones would not be using GT’s sapphire glass covers, and the shares plummeted from an intra-day peak of $17.68 to close at $14.94, and the bleeding continued Wednesday. In just two days, the stock has lost nearly 28% of its value. It seems unlikely that short interest will pick up in this stock, but the price remains nearly double its 52-week low, so you never know.

ALSO READ: Vivint Solar Files for IPO

The Average American Is Losing Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.

Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.

But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.