Shares of Sunedison Inc (NYSE:SUNE) are up nearly 100% from just a month ago as good news, both internal and external, have caused investors to drive the share price up, while at the same time forcing shorts to cover.
In early morning trading today the stock is up another $0.57 or 11.52% after a ‘sweeping bill’ has been introduced to Congress. This bill included a 5-year extension for the 30% Solar Investment Tax Credit. While the bill is only currently in the House, the Senate and President Obama seem likely to pass it into law. This will allow for continued subsidies on solar power, equating to a higher profit margin and revenue for companies like Sunedison Inc (NYSE:SUNE).The stock increased 12.41% or $0.55 during the last trading session, hitting $4.93. About 1.04M shares traded hands. SUNE has declined 82.63% since May 13, 2015 and is downtrending. It has underperformed the S&P500 by 78.95%.
From a total of 14 analysts covering SunEdison Inc (NYSE:SUNE) stock, 9 rate it a “Buy”, 2 a “Sell”, and 3 a “Hold”. This means that 64% of the ratings are positive. The highest target price is $42 while the lowest target price is $6.0. The mean of all analyst targets is $19.23 which is 290.06% above today’s ($4.93) stock price. SunEdison Inc was the topic of 40 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Bank of America maintained shares on December 10 with a “Buy” rating. JP Morgan maintained shares with a”Overweight” rating and a $19 target share price in their report from a September 29. JP Morgan downgraded SUNE stock in a recent report from November 20 to a “Neutral” rating. S&P Research maintained the rating on September 9. S&P Research has a “Strong Buy” rating and a $32 price target on shares. Finally, Needham maintained the stock with a “Buy” rating in a report they issued on a November 11.
SunEdison, Inc. is a developer and seller of photovoltaic energy solutions, an owner and operator of clean power generation assets, and a developer and maker of silicon wafers. The company has a market cap of $1.39 billion. The Firm operates in three divisions: Solar Energy, TerraForm Power and Semiconductor Materials through SunEdison Semiconductor Ltd. (SSL). It currently has negative earnings. The Company’s Solar Energy segment provides solar energy services that integrate the design, installation, financing, monitoring, activities and maintenance portions of the downstream solar market for the Company’s customers.