PowerBank (NASDAQ:PBK) Shares Down 1.2% – Here’s What Happened

PowerBank Corporation (NASDAQ:PBK) shares fell 1.2% during mid-day trading on Wednesday . The stock traded as low as $0.3503 and last traded at $0.3740. 2,099,137 shares were traded during mid-day trading, an increase of 82% from the average session volume of 1,150,663 shares. The stock had previously closed at $0.3785.

Analysts Set New Price Targets

Several research analysts recently issued reports on PBK shares. Citigroup reiterated a “buy” rating on shares of PowerBank in a research report on Wednesday, May 20th. HC Wainwright restated a “buy” rating on shares of PowerBank in a research report on Wednesday, June 3rd. Finally, Zacks Research raised shares of PowerBank to a “hold” rating in a research note on Thursday, June 4th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

PowerBank Stock Down 4.3%

The company has a debt-to-equity ratio of 2.24, a current ratio of 1.41 and a quick ratio of 0.79. The stock has a market cap of $20.76 million, a price-to-earnings ratio of -1.77 and a beta of 2.38. The firm has a 50 day simple moving average of $0.50 and a two-hundred day simple moving average of $0.65.

Hedge Funds Weigh In On PowerBank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PBK. Jane Street Group LLC bought a new position in shares of PowerBank during the 2nd quarter worth approximately $28,000. HRT Financial LP acquired a new position in PowerBank during the fourth quarter worth $55,000. Citadel Advisors LLC acquired a new position in PowerBank during the third quarter worth $52,000. Virtu Financial LLC bought a new position in PowerBank in the fourth quarter valued at $63,000. Finally, Goldman Sachs Group Inc. grew its position in PowerBank by 416.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 98,359 shares of the company’s stock valued at $178,000 after purchasing an additional 79,302 shares in the last quarter.

About PowerBank

PowerBank Corporation, formerly known as SolarBank Corporation, operates as an independent renewable and clean energy project developer and asset operator in Canada and the United States. The company engages in the site origination, development, financing, engineering, procurement, construction, operation, maintenance, and asset management of solar photovoltaic power generation projects. It offers solar energy solutions in the areas of behind-the-meter solar power plants, electricity grid connected community solar gardens, and utility scale solar farms.