Zacks Investment Research cut shares of TerraForm Global, Inc. (NASDAQ:GLBL) from a buy rating to a hold rating in a research note issued to investors on Thursday.
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. “
Other analysts have also issued research reports about the company. BidaskClub raised TerraForm Global from a hold rating to a buy rating in a report on Saturday, July 8th. ValuEngine lowered TerraForm Global from a hold rating to a sell rating in a report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. TerraForm Global currently has a consensus rating of Hold and an average target price of $5.38.
TerraForm Global (GLBL) opened at 4.75 on Thursday. The firm has a 50 day moving average price of $4.88 and a 200-day moving average price of $4.62. TerraForm Global has a 12 month low of $3.40 and a 12 month high of $5.10. The firm’s market capitalization is $536.61 million.
TerraForm Global (NASDAQ:GLBL) last released its earnings results on Wednesday, August 9th. The energy company reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). The business had revenue of $62.50 million during the quarter, compared to analyst estimates of $66.33 million. TerraForm Global had a negative net margin of 26.87% and a negative return on equity of 6.15%. During the same period last year, the business earned $0.01 EPS. On average, equities analysts forecast that TerraForm Global will post ($0.16) EPS for the current year.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brookfield Asset Management Inc. acquired a new stake in TerraForm Global in the 2nd quarter valued at approximately $98,657,000. Alpine Associates Management Inc. acquired a new stake in shares of TerraForm Global during the 2nd quarter worth approximately $23,915,000. GABELLI & Co INVESTMENT ADVISERS INC. grew its holdings in shares of TerraForm Global by 82.3% during the 2nd quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 2,153,619 shares of the energy company’s stock worth $10,876,000 after purchasing an additional 972,106 shares in the last quarter. Banco BTG Pactual S.A. grew its holdings in shares of TerraForm Global by 60.5% during the 2nd quarter. Banco BTG Pactual S.A. now owns 1,611,106 shares of the energy company’s stock worth $8,136,000 after purchasing an additional 607,588 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of TerraForm Global by 4.1% during the 2nd quarter. State Street Corp now owns 1,581,761 shares of the energy company’s stock worth $7,988,000 after purchasing an additional 61,755 shares in the last quarter. 76.82% of the stock is currently owned by hedge funds and other 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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