TerraForm Power, Inc. (TERP) Sees Significant Decrease in Short Interest
TerraForm Power, Inc. (NASDAQ:TERP) was the recipient of a large drop in short interest in October. As of October 13th, there was short interest totalling 4,529,381 shares, a drop of 29.3% from the September 29th total of 6,408,036 shares. Based on an average trading volume of 812,958 shares, the short-interest ratio is currently 5.6 days.
A number of analysts have commented on the company. Bank of America Corporation assumed coverage on TerraForm Power in a report on Tuesday, October 24th. They set an “underperform” rating and a $11.00 price objective for the company. Zacks Investment Research raised TerraForm Power from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. Robert W. Baird raised TerraForm Power from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $13.00 to $19.00 in a report on Monday, October 23rd. J P Morgan Chase & Co restated a “neutral” rating and issued a $13.00 target price on shares of TerraForm Power in a research note on Thursday, October 19th. Finally, TheStreet upgraded TerraForm Power from a “d” rating to a “c-” rating in a research note on Monday, October 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.70.
In related news, major shareholder Brookfield Asset Management In sold 625,000 shares of the business’s stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $12.95, for a total value of $8,093,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 34.55% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of TerraForm Power by 1.8% during the second quarter. Vanguard Group Inc. now owns 7,330,136 shares of the solar energy provider’s stock valued at $87,961,000 after acquiring an additional 132,454 shares during the last quarter. Morgan Stanley increased its position in shares of TerraForm Power by 3.4% during the first quarter. Morgan Stanley now owns 3,124,921 shares of the solar energy provider’s stock valued at $38,656,000 after acquiring an additional 103,906 shares during the last quarter. Baillie Gifford & Co. increased its position in shares of TerraForm Power by 35.6% during the third quarter. Baillie Gifford & Co. now owns 2,393,500 shares of the solar energy provider’s stock valued at $31,642,000 after acquiring an additional 628,688 shares during the last quarter. State Street Corp increased its position in shares of TerraForm Power by 4.1% during the second quarter. State Street Corp now owns 1,602,705 shares of the solar energy provider’s stock valued at $19,233,000 after acquiring an additional 63,271 shares during the last quarter. Finally, Alpine Woods Capital Investors LLC increased its position in shares of TerraForm Power by 10.4% during the second quarter. Alpine Woods Capital Investors LLC now owns 1,195,600 shares of the solar energy provider’s stock valued at $14,347,000 after acquiring an additional 112,600 shares during the last quarter. Hedge funds and other institutional investors own 82.25% of the company’s stock.
TerraForm Power (NASDAQ:TERP) opened at 13.44 on Monday. The company has a 50-day moving average price of $13.24 and a 200 day moving average price of $12.72. TerraForm Power has a 1-year low of $11.98 and a 1-year high of $14.20. The stock’s market cap is $1.67 billion.
About TerraForm Power
TerraForm Power, Inc is a United States-based holding company. The Company owns clean power generation assets. This includes solar and wind assets located in the United States, Canada and other markets. Its clean power generation assets serve utility, commercial and residential customers. As of December 31, 2016, the Company’s portfolio consisted of renewable energy facilities located in the United States, Canada, the United Kingdom and Chile with a combined nameplate capacity of 2,983.1 megawatts.
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