TerraForm Global (GLBL) Downgraded by Zacks Investment Research
TerraForm Global (NASDAQ:GLBL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “TerraForm Global, Inc. is a diversified renewable energy company. It owns and operates clean energy projects consists of solar, wind and hydro-electric generation assets. The Company’s project resides primarily in China, Brazil, India, South Africa, Honduras, Costa Rica, Nicaragua, Peru, Uruguay, Malaysia and Thailand. TerraForm Global, Inc. is headquartered in Bethesda, Maryland. “
A number of other brokerages have also recently weighed in on GLBL. BidaskClub cut TerraForm Global from a “sell” rating to a “strong sell” rating in a report on Tuesday. ValuEngine cut TerraForm Global from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $5.25.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System grew its position in TerraForm Global by 87.0% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 27,240 shares of the energy company’s stock worth $129,000 after acquiring an additional 12,670 shares during the last quarter. BlueCrest Capital Management Ltd bought a new position in TerraForm Global during the 2nd quarter worth approximately $151,000. Voya Investment Management LLC grew its position in TerraForm Global by 13.5% during the 2nd quarter. Voya Investment Management LLC now owns 47,874 shares of the energy company’s stock worth $242,000 after acquiring an additional 5,705 shares during the last quarter. Alpine Global Management LLC bought a new position in TerraForm Global during the 2nd quarter worth approximately $253,000. Finally, Dimensional Fund Advisors LP bought a new position in TerraForm Global during the 2nd quarter worth approximately $261,000. 49.44% of the stock is currently owned by institutional investors.
About TerraForm Global
TerraForm Global, Inc is a holding company. The Company is a diversified renewable energy company that owns contracted solar and wind power plants. The Company operates through two segments: Solar Energy and Wind Energy. The segments include the Company’s entire portfolio of power plants. The Company’s portfolio consisted of solar and wind power plants located in Brazil, China, India, Malaysia, South Africa, Thailand and Uruguay with an aggregate net capacity of 916.4 megawatts (MW) as of October 31, 2016.
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