Today has been a great day for shareholders of Sunedison Inc (NYSE:SUNE), which has been down quite a bit as of late. Today the company received multiple tidbits of positive news, leading to quite a rally for their shares.
Earlier today they announced that they will be selling off several projects located in India to TerraForm Global Inc. for approximately $231 in total equity consideration. In addition, Sunedison has also signed a 20-year Power Purchase Agreement (PPA) with Los Angeles County to provide 6.2 megawatts of solar power.
“We are taking aggressive steps to align our operations, leverage our existing platform and capitalize on our organic development opportunities as we enhance our cash flow to drive value for our shareholders,” Mr. Chatila explained.
The stock is up 10.00% or $0.3 after the positive news, hitting $3.3 per share. About 62.08M shares traded hands or 31.97% up from the average. SUNE has declined 89.00% since April 22, 2015 and is downtrending. It has underperformed by 87.99% the S&P500.
Out of 14 analysts covering SunEdison Inc (NYSE:SUNE), 9 rate it “Buy”, 1 “Sell”, while 4 “Hold”. This means 64% are positive. $42 is the highest target while $6.0 is the lowest. The $19.69 average target is 496.67% above today’s ($3.3) stock price. SunEdison Inc was the topic in 38 analyst reports since July 21, 2015 according to StockzIntelligence Inc. JP Morgan downgraded the stock on November 20 to “Neutral” rating. JP Morgan maintained it with “Overweight” rating and $19 target price in a September 29 report. UBS maintained the shares of SUNE in a report on November 11 with “Neutral” rating. Bank of America reinitiated the firm’s rating on September 15. Bank of America has “Buy” rating and $18 price target. Finally, RBC Capital Markets maintained the stock with “Outperform” rating in a November 11 report.
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 $982.47 million. 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.