Sky Solar (SKYS) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Sky Solar (NASDAQ:SKYS) from a strong-buy rating to a hold rating in a research report report published on Wednesday morning.

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. “

Several other brokerages have also recently issued reports on SKYS. ValuEngine raised Sky Solar from a sell rating to a hold rating in a research report on Friday, December 1st. Roth Capital upgraded Sky Solar from a neutral rating to a buy rating and increased their price objective for the company from $1.30 to $5.00 in a report on Wednesday, October 11th. BidaskClub upgraded Sky Solar from a strong sell rating to a sell rating in a report on Friday, August 25th. Finally, Oppenheimer reiterated a buy rating and set a $5.00 price objective on shares of Sky Solar in a report on Friday, September 29th. One equities research 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. Sky Solar presently has a consensus rating of Hold and an average target price of $3.92.

Shares of Sky Solar (SKYS) traded down $0.05 during midday trading on Wednesday, reaching $1.48. The company’s stock had a trading volume of 12,295 shares, compared to its average volume of 46,115. The company has a current ratio of 3.46, a quick ratio of 2.37 and a debt-to-equity ratio of 1.53. Sky Solar has a 1-year low of $1.00 and a 1-year high of $3.62.

An institutional investor recently raised its position in Sky Solar stock. Quentec Asset Management LLC grew its holdings in shares of 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. The fund owned 700,963 shares of the solar energy provider’s stock after purchasing an additional 103,433 shares during the period. Sky Solar makes up about 0.1% of Quentec Asset Management LLC’s portfolio, making the stock its 28th biggest holding. Quentec Asset Management LLC owned about 1.34% of Sky Solar worth $1,051,000 at the end of the most recent quarter. Institutional investors and hedge funds own 0.40% of the company’s stock.

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Sky Solar Company Profile

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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