Energy
Short Sellers Add to Positions in Solar, Alt Energy Stocks
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Short interest moves among solar and alternative energy stocks were unanimously higher during the two-week reporting period that ended on June 30. All the companies we watch saw short interest rise in the period.
The smallest increase was posted by SolarCity, up just 0.2%. Tesla’s offer to acquire SolarCity for $2.8 billion Tesla stock basically froze short interest as the share price jumped to match the value of the offer. This acquisition is still a wait-and-see proposition, with most analysts believing it’s a bad deal for Tesla.
The big news in the alternative energy sector came just after the close of this short interest reporting period with the announcement that Tesla Motors Inc. (NYSE: TSLA) had made an offer to acquire SolarCity for $2.8 billion in Tesla stock. Tesla CEO Elon Musk is also chairman of SolarCity and the solar installer’s founders are cousins. As we pointed out shortly after the offer was announced, the full value of SolarCity had already been chopped from Tesla’s share price.
First Solar Inc. (NASDAQ: FSLR) saw short interest rise by 2.3% to 8.67 million shares, which represents 11.5% of the company’s float. Days to cover fell from six to five. In the two-week short interest period, the stock’s share price rose by about 1.1%. Its 52-week trading range is $40.25 to $74.29, and it closed at $46.99 on Tuesday, up 1.1% for the day.
SunPower Corp. (NASDAQ: SPWR) short interest rose by 4.7% to 15.67 million shares, or 26.8% of the company’s float. In the two-week period to June 30, the share price rose by about 2.4%. The stock’s 52-week range is $13.29 to $31.10, and it closed at $15.23 on Tuesday, up about 1.9% for the day. Days to cover remained unchanged at seven.
SolarCity Corp. (NASDAQ: SCTY) saw short interest rise by 0.2% to 27.28 million shares, 42.8% of the company’s total float. Days to cover decreased from six to three. Between the settlement dates, the share price rose by 16.7%. The stock’s 52-week range is $16.31 to $61.72, and shares closed at $24.61 on Tuesday, up 0.4% for the day.
Canadian Solar Inc. (NASDAQ: CSIQ) saw a rise of 1.5% in short interest during the two-week period. Some 13.6% of the total float, 6.03 million shares, were short, and days to cover remained unchanged at three. The company’s share price fell by 4.7% over the period, and shares closed Tuesday at $15.89, up about 1.4% for the day, in a 52-week range of $13.56 to $29.83.
FuelCell Energy Inc. (NASDAQ: FCEL) posted an increase of 15.2% in short interest during the period. Some 4.3 million shares were short as of June 30. The stock closed at $5.39 on Tuesday, down about 2.5% for the day, in a 52-week range of $4.51 to $12.24. Shares added more than 15% in the short interest period, and days to cover rose from three to six.
Plug Power Inc. (NASDAQ: PLUG) saw short interest increase by 0.3% to 27.57 million shares. Days to cover fell from 21 to 15, and about 15.4% of the company’s shares were short. In the two weeks to June 30, the stock’s share price rose by about 7.5%. Its 52-week range is $1.30 to $2.98, and shares closed Tuesday at $1.76, up about 1.8% for the day.
Clean Energy Fuels Corp. (NASDAQ: CLNE) saw a rise of 13.1% in short interest to 8.9 million shares. About 10.4% of the company’s float was short, and the days to cover rose from five to six. Shares rose by about 5.8% in the two-week period. The stock closed at $3.57, up about 3.8% on Tuesday, in a 52-week range of $2.15 to $6.88.
Pacific Ethanol Inc. (NASDAQ: PEIX) saw short interest rise by 1.6% in the period to 4.49 million shares, about 12.2% of the company’s float. Days to cover remained unchanged at eight. The stock price fell by 0.8% in the two weeks. Shares closed at $6.10 on Tuesday, up 5.9% on the day, in a 52-week range of $2.41 to $9.79.
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