PN has cratered. The stock closed at $2.38 on April 24, down 83% over the past month and 18% in the last week alone. Skycorp Solar Group's collapse has been steep enough that short sellers are now taking profit rather than piling in — short interest has fallen 11% over the past week even as the stock continues to slide. The setup is unusual: a company in free fall, yet the bears are backing away.
Short interest dropped to 99,659 shares by April 23, down from 111,394 shares a week earlier. The pullback follows an even sharper retreat from early April, when short positions briefly spiked above 246,000 shares on April 1. Cost to borrow has climbed to 29.3%, up nearly 5% over the week and close to its recent highs. Utilisation sits at 37%, well off the 96% peak hit earlier this month. The April 10 spike — when utilisation briefly touched that high — marked the most crowded the borrow has been in the past year. Since then, availability has loosened as short sellers exit. The pullback suggests many have locked in gains rather than holding through further downside.
The ORTEX short score stands at 70 out of 100, ranking the stock in the 82nd percentile for days to cover but only the 18th percentile for utilisation. That divergence reflects the odd dynamic: the short trade has worked, yet the position size remains small relative to the float. The stock's sector score sits at 20, flagging weak relative performance within electrical components. Chinese peers traded mixed on the week — on the Shenzhen exchange gained 6%, while fell 7%. PN's losses are outliers even within a volatile peer group.
Institutional ownership is sparse. Three insiders — Weiqi Huang, Gaokui Zhang, and Wenshan Xie — hold 33% of shares, last reported in mid-2025. Citadel picked up 1,477 shares in Q4 2025, a token position. The last three earnings announcements have been punishing: the January 2026 print triggered a 33% one-day drop, while the September 2025 release sent the stock down 13%. The February print produced a brief 2% bounce, but the pattern is clear.
The week ahead is quiet on the catalyst front. No earnings are scheduled. The short retreat may simply reflect limited downside left to capture at $2.38. Watch for any stabilisation in the daily price action — if the stock finds a floor, short sellers could return. For now, the trade appears done.
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