Sky Solar (SKYS) Rating Lowered to Hold at Zacks Investment Research
Sky Solar (NASDAQ:SKYS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Sky Solar Holdings, Ltd. is a global independent power producer. It develops, owns and operates solar parks. The Company is focused on the downstream solar market and has developed projects in Asia, South America, Europe, North America and Africa. It also sells solar energy systems, including pipelines to utility companies, independent power developers and producers, commercial and industrial companies, and other solar energy system owners. The Company is involved in the engineering design; construction contracting and management; and procurement of PV modules, balance-of-system components, and other components, as well as building and transferring solar parks. Sky Solar Holdings, Ltd. is based in Central, Hong Kong. “
Other analysts have also recently issued research reports about the stock. Roth Capital upgraded shares of Sky Solar from a “neutral” rating to a “buy” rating and boosted their target price for the company from $1.30 to $5.00 in a report on Wednesday, October 11th. Oppenheimer restated a “buy” rating and set a $5.00 target price on shares of Sky Solar in a report on Friday, September 29th. ValuEngine upgraded shares of Sky Solar from a “sell” rating to a “hold” rating in a report on Friday, December 1st. Finally, BidaskClub upgraded shares of Sky Solar from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $3.92.
A hedge fund recently raised its stake in Sky Solar stock. Quentec Asset Management LLC lifted its stake in Sky Solar Holdings Ltd (NASDAQ:SKYS) by 17.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 700,963 shares of the solar energy provider’s stock after purchasing an additional 103,433 shares during the quarter. Sky Solar accounts for approximately 0.1% of Quentec Asset Management LLC’s holdings, making the stock its 28th biggest position. Quentec Asset Management LLC owned approximately 1.34% of Sky Solar worth $1,051,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 0.40% of the company’s stock.
About Sky Solar
Sky Solar Holdings, Ltd. is an investment holding company. The Company is an independent power producer (IPP) engaged in developing, owning and operating solar parks. The Company focuses on the downstream solar market and develops projects primarily in Asia, South America, Europe and North America. Its subsidiaries are engaged in activities, such as selling electricity generated from solar parks owned by the Company as IPP; pipeline (including obtaining permits required for solar power projects and sourcing of solar modules), and providing engineering, procurement and construction (EPC) services ; providing operating and maintenance (O&M) services for solar parks; sales of solar modules, and building and transferring of solar parks (BT).
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