Sunedison Inc (SUNE) Shares Soar As Shorts Begin Covering


Shares of Sunedison Inc (NYSE:SUNE) are up big in early afternoon trading today after a month of major losses. The entire solar energy space seems to be moving higher today due to several nuggets of news this week. First, the agreement reached at the COP 21 summit in Paris this last weekend will have major implications on the alternate energy arena. In addition, oil prices have rebounded a bit today after a major sell off last week and Monday. Finally, there has been a major short position established in Sunedison Inc (NYSE:SUNE), which seems to be causing many traders to finally cover.

The stock is up 15.49% or $0.68 following the news, hitting $5.07 per share. About 38.94 million shares traded hands. SUNE has declined 84.10% since May 12, 2015 and is downtrending. It has underperformed the S&P500 by 80.42%.

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 279.29% above today’s ($5.07) 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 $1.44 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.