Wells Fargo & Co. Initiates Coverage on Sunedison (SUNE)
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. initiated coverage on shares of Sunedison in a research note on Monday. They set a “neutral” rating on the stock. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of Sunedison in a research note on Monday. They now have a $35.00 price target on the stock, up previously from $13.00. They noted that the move was a valuation call. Finally, analysts at Stifel Nicolaus initiated coverage on shares of Sunedison in a research note on Wednesday, May 28th. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Sunedison has a consensus rating of “Buy” and a consensus price target of $23.24.
Shares of Sunedison (NASDAQ:SUNE) traded up 10.93% during mid-day trading on Monday, hitting $21.51. The stock had a trading volume of 20,864,978 shares. Sunedison has a 1-year low of $6.24 and a 1-year high of $21.93. The stock’s 50-day moving average is $19.10 and its 200-day moving average is $16.77. The company’s market cap is $5.761 billion. Sunedison also was the target of unusually large options trading activity on Monday. Investors acquired 107,892 call options on the stock. This represents an increase of approximately 605% compared to the typical volume of 15,298 call options.
Sunedison (NASDAQ:SUNE) last released its earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by $0.08. The company had revenue of $546.50 million for the quarter, compared to the consensus estimate of $593.88 million. The company’s revenue for the quarter was up 33.9% on a year-over-year basis. Analysts expect that Sunedison will post $-0.36 EPS for the current fiscal year.
In other Sunedison news, Director Steven Vincent Tesoriere unloaded 6,000,000 shares of Sunedison stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $19.43, for a total transaction of $116,580,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
SunEdison Inc, formerly MEMC Electronic Materials, Inc is engaged in the development, manufacture and sale of silicon wafers.
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