Shorts on US sideBeen trying to understand the disconnect between the fundamentals of the company and the share price (significantly improving fundamentals but a declining share price). Fundamentally the worse is over for the company, no reason for it to be trading at just above book value: a valuation given to companies that are not growing rev., financially stressed and are assigned this liquidation value. All the other cleantech stocks are trading at 3 plus times book, with much less rev growth or a business model that will take years before they become EBITDA positive.
We've been looking at the short interest on the CDN side (about 4.08M shares as of Dec 15), relative to daily trading volumes, less than 10 days to cover. Not considered a lot. Over on the US side there are 3.8M shares shorted. Historically, a very high number of shares as it takes much much more than 10 days to cover.
With trading being dominant on the CDN side, someone could easily depress the share price with offers, ie. 50K in the $2.50 range to protect over 8M (US and CDN side) shares which need to be covered.
Once this stock moves (ie. overall cleantech rally or company specific news) I can see the shorts hitting the ask to cover. It'll be a domino effect creating a volatile move on the upside.
| DATE | SHORT INTEREST | % CHANGE | AVG. DAILY SHARE VOL | DAYS TO COVER | SPLIT | NEW ISSUE |
| 12/15/2021 | 3,823,925 | 9.70 | 122,529 | 31.21 | No | No |
| 11/30/2021 | 3,485,693 | -10.51 | 70,125 | 49.71 | No | No |
| 11/15/2021 | 3,895,146 | 13.91 | 121,999 | 31.93 | No | No |
| 10/29/2021 | 3,419,635 | 7.71 | 48,612 | 70.35 | No | No |
| 10/15/2021 | 3,174,899 | 36.27 | 57,880 | 54.85 | No | No |
| 09/30/2021 | 2,329,844 | -14.67 | 94,416 | 24.68 | No | No |
| 09/15/2021 | 2,730,282 | -7.34 | 37,301 | 73.2 | No | No |
| 08/31/2021 | 2,946,520 | 2.53 | 36,533 | 80.65 | No | No |
| 08/13/2021 | 2,873,713 | 5.65 | 205,415 | 13.99 | No | No |
| 07/30/2021 | 2,719,936 | 4.68 | 13,139 | 207.01 | No | No |
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