NEW YORK (TheStreet) -- SunEdison (SUNE) stock is lower by 13.08% to $5.01 on heavy volume in early afternoon trading on Wednesday, following the release of the company's 2015 third quarter earnings results before the market open yesterday.
SunEdison stock tanked on Tuesday by 24% to hit a nearly two-and-a-half-year low, according to Reuters. Shares of the company are down 82% since hitting this year's high of $33.44 on July 20.
The renewable energy development company reported a loss of 91 cents per share on revenue of $476 million for the most recent quarter. Analysts had expected SunEdison to report a loss of 69 cents a share on revenue of $437.45 million for the third quarter of 2015.
The company noted that it would cease sales of projects to its two yieldcos, which are dividend-paying public companies spun off of SunEdison, according to Reuters. The yieldcos, TerraForm Global (GLBL) and TerraForm Power (TERP), were a notable funding source for SunEdison, but have been negatively affected by low oil prices and a possible interest rate hike by the Federal Reserve.
SunEdison's yieldcos and $6 billion of acquisitions are fueling investor concern that the company is overextending itself, Reuters adds. SunEdison might reevaluate its existing acquisition deals.
About 46.54 million shares of SunEdison have been traded so far today, above the company's average trading volume of roughly 31.15 million shares a day.
Separately, TheStreet Ratings team rates SUNEDISON INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
We rate SUNEDISON INC (SUNE) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: SUNESUNE data by YCharts