After closing out 2015 with a wimper, shares of Sunedison Inc (NYSE:SUNE) have roared to life this afternoon as the stock trades up over 12% on the day. While the overall market is down big, Sunedison Inc (NYSE:SUNE) seems to be bucking the general trend today, without any major news.
The stock, which dropped from $6.70 to just $5.10 to close out the last seven days of trading in 2015, seems to be bouncing back as many year-end sellers, looking for a tax loss, may have decided to jump back in at the current low prices that we are now experiencing. While the stock was up big in December, shares were down over 80% from their highs seen in July. With the solar industry taking advantage of renewed subsidies, and the recent worldwide initiatives to switch over to renewable energy sources, investors must feel that 2016 will be a big year for the company.
The stock is up 12.48% or $0.63 today, hitting $5.72 per share. About 28.59 million shares traded hands. SUNE has declined 83.02% since May 29, 2015 and is downtrending. It has underperformed the S&P500 by 80.01%.
From a total of 15 analysts covering SunEdison Inc (NYSE:SUNE) stock, 10 rate it a “Buy”, 2 a “Sell”, and 3 a “Hold”. This means that 67% 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 $18.61 which is 225.35% above today’s ($5.72) stock price. SunEdison Inc was the topic of 41 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. FBR Capital initiated shares on December 18 with a “Outperform” rating. JP Morgan maintained shares with a”Overweight” rating and a $19 target share price in their report from a September 29. UBS downgraded SUNE stock in a recent report from November 25 to a “Sell” 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, Axiom Capital downgraded the stock to a “Sell” rating in a report they issued on a November 12.
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 $1.72 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.