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Credit Suisse Group downgrades Sunlight Financial (NYSE:SUNL) to Neutral.

Credit Suisse Group downgrades Sunlight Financial (NYSE:SUNL) to Neutral.

In a letter that was sent out to investors on Friday, equity research analysts from Credit Suisse Group changed their recommendation for Sunlight Financial (NYSE: SUNL) from “outperform” to “neutral.” They recently changed their price target for the company from $4.00 to $1.60, which indicates that they now believe the stock will trade at a lower price. This reflected their new belief that the stock would trade at a lower price. Given the current share price, the price objective that Credit Suisse Group provided indicates that the share’s price could potentially increase by 18.52 percent from where it is currently trading.

SUNL has also been the research focus of several additional articles published in academic journals. In a research note published on September 29, Cowen stated that they no longer consider Sunlight Financial shares to be in an “outperform” status and that they have decreased their target price for these shares from $8.75 to $5.00. Cowen announced on November 17 that it was lowering its price estimate for Sunlight Financial stock to $3.25. This information was included in a research report published on November 17. Roth Capital lowered their price target for Sunlight Financial from $10.00 to $2.50 and changed their rating for the company from “buy” to “neutral” in a research report published on Thursday, September 29. Citigroup lowered its price objective for Sunlight Financial stock from $4.00 to $2.00. It downgraded the company from a “buy” rating to a “sell” rating in a research report published on Thursday, September 29. These two developments are directly attributable to the company’s decision to reduce its price target for the stock. The stock has been recommended to sell by one of the equity research analysts, a recommendation to hold it by two of the analysts, and a rating to buy by three of the equity research analysts. According to Bloomberg.com, the current recommendation for the company is “Hold,” and analysts have an average price objective of $3.06 for the stock. This information was derived from analyst consensus.

When trading started on Friday, the price of one share of SUNL stock was $1.35. The price-to-earnings ratio for the company is -0.31, and its beta value is 2.83. The company currently has a market capitalization of 174.58 million dollars. The company’s moving average over the previous 50 days is $1.47, and the moving average over the previous 200 days is $2.25. During the past year, the price of Sunlight Financial has ranged from a low of $0.96 to a high of $5.70. The average price during that period was $5.70.

The financial performance report for Sunlight Financial, listed on the NYSE with the ticker symbol SUNL, was made available to the public on November 14. The company announced a loss of $0.16 per share for the period, which is $0.01 higher than the consensus expectation of a loss of $0.15 per share, which the company reported. The analysts’ projections were for sales of $26.50 million for the quarter, but the actual sales for the company came in at $33.27 million. This result is significantly better than predicted. The net margin and the return on equity for Sunlight Financial were red. The net margin was -334.33%, and the return on equity was -1.37%. Sell-side analysts forecast that Sunlight Financial will report earnings of -1.37 cents per share for the current fiscal year. This projection is based on the company’s historical performance.

Recent events have resulted in several hedge funds reducing or increasing the amount of SUNL they have in their portfolios. Citigroup Inc. increased the amount of Sunlight Financial stock owned by 2,416.1% during the first three months of the year, bringing its total ownership percentage to 100%. After purchasing an additional 136,966 shares of the company’s stock during the most recent quarter of the fiscal year, Citigroup Inc. now has a total of 142,635 shares of the company’s stock, which gives it a value of $719,000 in its portfolio. The first three months of 2018 saw BlackRock Inc. increase its ownership in Sunlight Financial by 23.5%. BlackRock Inc. now owns 526,133 shares of the company’s stock after purchasing an additional 100,217 shares during the preceding quarter. When added together, the value of these 526,133 shares equals a total of $2,652,000. Vanguard Group Inc. increased the amount of Sunlight Financial stock owned by 37.9% during the first three months of 2018. After making additional purchases totaling 567,581 shares during the most recent fiscal quarter, Vanguard Group Inc. now holds a total of 2,063,317 of the company’s shares in its portfolio. These shares are worth a total of $10,400,000 as a whole. Ergoteles LLC spent approximately $54,000 during the first three months of 2018 to purchase a new position at Sunlight Financial. Finally, during the first three months of the year, Verition Fund Management LLC made a new investment in Sunlight Financial, amounting to approximately $56,000. It was decided to make this new investment. Institutional investors and hedge funds hold ownership stakes in the company, equivalent to 29.60% of its total equity.

Sunlight Financial Holdings Inc. runs a point-of-sale financing platform in the United States of America. This platform is powered by technology and can be used for transactions between businesses as well as between businesses and individual customers. Its platform is utilized to present property owners with the choice of obtaining secured or unsecured loans to finance the purchase and installation of residential solar energy systems as well as other improvements that can be made to their homes. These loans are made available by creditors who have no previous relationship with the borrower.

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