8point3 Energy Partners LP (CAFD) Sees Large Growth in Short Interest
8point3 Energy Partners LP (NASDAQ:CAFD) was the recipient of a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 750,741 shares, an increase of 42.7% from the October 31st total of 525,923 shares. Approximately 2.7% of the company’s shares are sold short. Based on an average daily trading volume, of 374,314 shares, the short-interest ratio is currently 2.0 days.
Shares of 8point3 Energy Partners (NASDAQ:CAFD) opened at 13.50 on Tuesday. 8point3 Energy Partners has a 52-week low of $12.22 and a 52-week high of $17.34. The firm’s 50-day moving average price is $14.19 and its 200 day moving average price is $15.10.
8point3 Energy Partners (NASDAQ:CAFD) last announced its quarterly earnings results on Tuesday, September 20th. The company reported $0.38 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.38. 8point3 Energy Partners had a net margin of 87.76% and a return on equity of 2.58%. The firm earned $26.10 million during the quarter. Analysts predict that 8point3 Energy Partners will post $0.92 EPS for the current year.
Several research analysts have recently commented on CAFD shares. JPMorgan Chase & Co. set a $20.00 price objective on 8point3 Energy Partners and gave the stock a “buy” rating in a report on Wednesday, September 28th. Bank of America Corp. started coverage on 8point3 Energy Partners in a report on Tuesday, October 18th. They issued a “buy” rating and a $18.00 price objective on the stock. Credit Suisse Group AG started coverage on 8point3 Energy Partners in a report on Thursday, November 17th. They issued an “underperform” rating and a $12.00 price objective on the stock. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $20.00 price objective on shares of 8point3 Energy Partners in a report on Friday, September 23rd. Finally, Zacks Investment Research upgraded 8point3 Energy Partners from a “hold” rating to a “strong-buy” rating and set a $18.00 price objective on the stock in a report on Thursday, September 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. 8point3 Energy Partners currently has a consensus rating of “Buy” and an average target price of $18.46.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Group LTD increased its position in shares of 8point3 Energy Partners by 110.7% in the second quarter. BlackRock Group LTD now owns 6,368 shares of the company’s stock worth $101,000 after buying an additional 3,346 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of 8point3 Energy Partners by 37.0% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 7,407 shares of the company’s stock worth $107,000 after buying an additional 2,000 shares during the last quarter. Cornerstone Advisors Inc. acquired a new position in shares of 8point3 Energy Partners during the third quarter worth approximately $144,000. Prescott Group Capital Management L.L.C. acquired a new position in shares of 8point3 Energy Partners during the third quarter worth approximately $157,000. Finally, Analytic Investors LLC acquired a new position in shares of 8point3 Energy Partners during the third quarter worth approximately $206,000. 60.40% of the stock is owned by hedge funds and other institutional investors.
8point3 Energy Partners Company Profile
8Point3 Energy Partners LP owns, operates and acquires solar energy generation projects. As of July 31, 2016, the Company owned a 28.2% limited liability company interest in 8point3 Operating Company, LLC (OpCo). As of July 31, 2016, the Company’s portfolio consisted of interests in 530 megawatts (MW) of solar energy projects.
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