Greenlight Capital’s President David Einhorn recommended two solar stock names at the Robin Hood Investors conference. Einhorn’s interest in renewables stock was well known since he bought Sunedison Inc (NYSE:SUNE) in the second quarter. Bloomberg’s Julie Hyman reported about the Einhorn’s recommendations on Bloomberg TV.
Einhorn recommended the Sunedison Inc (NYSE:SUNE) earlier this year and bought its shares at $15.55 in the second quarter. The stock is currently trading at more than $17.5, which gained more than 6% since Einhorn bought its shares. Now Einhorn has added TerraForm Power Inc (NASDAQ:TERP) to his favorites list, which again is a solar stock like Sunedison. TerraForm Power is currently trading at more than $27 per share.
“David Einhorn spoke at the Rohin Hood Conference, apparently recommending a couple of solar stocks, that’s according to people who were at the conference, who disclosed to the media. TerraForm Power and Sunedison are the names that he mentioned,” Hyman reported.
Hyman mentioned that Einhorn has talked about his interest in Sunedison Inc (NYSE:SUNE) in beginning of the year and bought it in the second quarter. Einhorn’s Greenlight Capital believed that the rise in electricity prices and decreasing cost of solar energy might position the Sunedison comfortably in the days to come. To strengthen his stand on that belief, Einhorn has added another solar stock, TerraForm Power Inc (NASDAQ:TERP) to his list of favorite stocks.
Hyman added that both Sunedison Inc (NYSE:SUNE) and TerraForm Power Inc (NASDAQ:TERP) stocks are soaring at the wake of this recommendation by Einhorn.
David Einhorn has been a very successful hedge manager for almost a decade. Einhorn’s Greenlight Capital has returned 19.5% till date and currently has a portfolio value of more than $7 billion. As of 30 June 2014, Greenlight Capital owns more than 21 billion Sunedison Inc (NYSE:SUNE) shares.