After yesterday’s plunge and significant recovery at the close, today’s trading action for shares of Sunedison Inc (NYSE:SUNE) were going to be a mystery. As the market opened this morning, the bounce seemed to be continuing, as the stock rose close to 8% in the first 15 minutes of trading. That’s just when the bottom dropped out of things.
Sunedison Inc (NYSE:SUNE) went on to plunge $0.71 or more than 20% within just 20 minutes before a circuit breaker kicked in and halted the stock. Since the 10:05 a.m. halt the stock has bounced back slightly but remains down more than 9% on the day.
Yesterday’s massive selloff was believed to be sparked by an Axiom Capital Management analysts who raised concerns over the company’s viability to survive 2016. The stock is down 9.60% or $0.29 following the news, hitting $2.73 per share. Approximately 13.33 million shares traded hands. SUNE shares have declined 89.71% since June 9, 2015 and are currently downtrending. It has underperformed the S&P500 by 82.23%.
From a total of 16 analysts covering SunEdison Inc (NYSE:SUNE) stock, 11 rate it a “Buy”, 1 a “Sell”, and 4 a “Hold”. This means that 69% of the ratings are positive. The highest target price is $42 while the lowest target price is $2. The mean of all analyst targets is $16 which is 486.08% above today’s ($2.73) stock price. SunEdison Inc was the topic of 45 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Avondale upgraded shares on January 8 to a “Mkt Outperform” rating. JP Morgan maintained shares with a”Overweight” rating and a $19 target share price in their report from a September 29. Needham maintained SUNE stock in a recent report from January 8 with a “Buy” 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, FBR Capital initiated the stock with a “Outperform” rating in a report they issued on a December 18.
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 $1.02 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.