It’s been a bad couple of days for the market in general, but when compared to Sunedison Inc (NYSE:SUNE) shares, the overall market is holding up quite well. Earlier today we announced that SUNE would be restructuring their debt and that this may mean dilution for shareholders over the longer term.
When we posted this article at approximately 10 a.m. ET the stock was down over 13%, and it appeared as if things may have leveled off for the day. This was far from the case, however, as shares continued to plunge after around 11 a.m. ET, falling much further. As of publishing this article, the stock is trading near intraday lows on voliume that’s well above average. It appears that the stock may have been over-bought during its run from $3.19 to $6.74 in the first half of December, and that traders now are running for the exits. It will be interesting to see if this is the bottom or if there is further selling to come. There appears to be support around the $3.84 mark, but if that breaks we could see the stock plunge further into the mid to low $3 range.
The stock has fallen 30.13% or $1.66 following this negative news, hitting $3.85 per share. About 75.59 million shares traded hands or 26.66% up from the average. SUNE has declined 82.01% since June 3, 2015 and is downtrending. It has underperformed the S&P500 by 77.32%.
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 383.38% above today’s ($3.85) 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 $1.59 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.