Short Sellers Firm Up Positions in Solar, Remain Selective in Alt Energy Stocks

Energy

Published: November 27, 2019 8:14 am

Last Updated: January 30, 2020 12:44 pm

Short interest moves among solar and alternative energy stocks were mixed during the two-week reporting period that ended on November 15. Of the companies we watch, short interest increased in 2 of 3 solar stocks and decreased in 3 of 5 alternative energy stocks.

First Solar Inc. (NASDAQ: FSLR) saw short interest remain essentially flat at 11.52 million shares which represent about 15.2% of the company’s float. Days to cover rose from 8 to 9. In the two-week short interest period through November 15, the stock’s share price increased by about 2.1%. The stock’s 52-week range is $38.45 to $69.24 and it closed at $55.09 on Tuesday, up about 0.2% for the day.

SunPower Corp. (NASDAQ: SPWR) short interest rose by 7% to 19.26 million shares or 30.7% of the company’s float. In the two-week short interest period to November 15, the share price slipped by about 11.1%. The stock’s 52-week range is $4.55 to $16.04 and it closed at $7.22 on Tuesday, down by about 1.9% for the day. Days to cover slipped from 6 to 5.

Canadian Solar Inc. (NASDAQ: CSIQ) saw short interest jump by 14% during the two-week period to November 15. Some 7.9% of the total float, or 3.59 million shares, are short and days to cover remained unchanged at 4. The company’s shares traded down by more than 14% over the two-week period and shares closed Tuesday at $15.54, down by about 0.6% for the day, in a 52-week range of $13.46 to $25.89.

Bloom Energy Corp. (NYSE: BE) short interest decreased by 13% in the two weeks to November 15. Some 20.78 million shares are short, representing about 32% of the company’s total float. Days to cover slipped from 8 to 7 and the stock price soared by more than 70% during the two-week period. Shares closed Tuesday at $5.50, up about 6.4% for the day, in a 52-week range of $2.44 to $19.87. Planned power outages in California have raised investor interest in storage products like Bloom’s fuel cells.

FuelCell Energy Inc. (NASDAQ: FCEL) posted an increase of 9% in short interest during the two-week period. Some 17.84 million shares were short as of November 15, about 14% of the total float. The stock closed at $0.74 on Tuesday, down about 5.6% for the day, in a 52-week range of $0.13 to $11.28. Days to cover remained at 1. In the two-week period to November 15, the stock price soared by more than 200%. As is the case with Bloom, FuelCell Energy’s alternative power technology is an investor favorite right now. A recent deal with Exxon Mobil for a carbon capture project doubled the share price when it was announced.

Plug Power Inc. (NASDAQ: PLUG) saw short interest rise by 16% to 51 million shares. Days to cover fell from 10 to 8 and about 22.4% of the company’s shares are short. In the two weeks to November 15, the share price rose by about 29%. The stock’s 52-week range is $0.99 to $3.91 and shares closed Tuesday at $3.90, up by about 5.4% for the day. The 52-week high was posted Tuesday as well.

Clean Energy Fuels Corp. (NASDAQ: CLNE) saw a drop of 15% in short interest to 1.51 million shares. About 1% of the company’s float is short and days to cover dipped from 3 to 2. The share price tumbled by about 8.3% in the two-week period to November 15. The stock closed at $4.88 on Tuesday, down about 2.6% for the day, in a 52-week range of $1.61 to $3.47.

Pacific Ethanol Inc. (NASDAQ: PEIX) saw short interest dive by 49% in the two-week period to 569,900 shares, about 1.3% of the company’s float. Days to cover fell from 2 to 1. The stock price plunged by around 11% in the two weeks to November 15. Shares closed at $0.48 on Tuesday, down about 1.1% on the day, in a 52-week range of $0.39 to $1.70.

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