SunEdison’s stock has plummeted sharply for much of the second half of the year, in part because the company missed its earnings expectations for the second quarter. The stock has 315.05 million shares outstanding. The stock’s market capitalization is $1.82 billion. Shares initially gained more than 6 percent as investors also cheered the company’s upward revised full year 2015 sales outlook from $2.8 billion to $3 billion to a new range of $3.28 billion to $3.33 billion.
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The stock has a 50 day moving average of $18.14 and a 200 day moving average of $29.26.
SUNE posted dismal quarterly results once again.
The stock lost $1.63 to close Tuesday at $5.77 on the NY Stock Exchange. Revenue of $476 million was in-line with analyst estimates. The company’s revenue was up 204.7% compared to the same quarter a year ago.
SunEdison reported a net income loss attributable to shareholders of $284 million, virtually even with the $283 million net loss from the same quarter past year. There is a lack of guidance for TerraForm’s 2016 dividend per share (DPS) of $1.82, which the company had previously communicated as a “no-equity raise achievable level”. Stockholders of record on Tuesday, December 1st will be issued a $0.35 dividend. The stock is down 22.91% or $1.7 after the news, hitting $5.7 per share.
The research firm believes that the two yieldco stocks are likely trading lower due to several factors.
Most of the share weakness is “technical in nature”, analysts at Deutsche Bank said in a note. They set a “market perform” rating for the company. He reaffirmed that forecast on a conference call Tuesday. The higher price target for IBM is $170.00, while the lower price target is $125.00.
One tough quarter doesn’t make a trend, and it remains to be seen if TerraForm Global is starting to feel the same headwind TerraForm Power is. Almost four-fifths of covering analysts have dubbed the shares a “buy” or better, with not a single “sell” opinion in sight.
In other TerraForm Power news, CEO Carlos Domenech bought 6,000 shares of TerraForm Power stock in a transaction dated Tuesday, August 25th.
Earnings were bad enough to potentially throw more cold water on the whole yeildco concept, which earlier this year looked like it was gaining credibility on Wall Street. The information was disclosed with the SEC in a Form 4 Filing.
Renewable energy development company SunEdison has finished construction on New Hampshire’s largest solar power plant – a 942kW DC facility for the town of Peterborough.
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SunEdison, Inc. (NASDAQ:SUNE) is a developer and seller of photovoltaic energy alternatives, an owner and operator of clean electricity generation assets, and a developer and maker of silicon wafers. Its portfolio is made of solar and wind projects situated in the United States, Canada, Great Britain, and Chile having an aggregate nameplate capacity of 1,507.3 Megawatts as of February 20, 2015.
