Steve Cohen Believes It’s Time to Bet on Sunedison Inc (SUNE)

However, there are signs that the company’s fate is about to change despite a massive fall in the net income for the second quarter on a year-over-year basis. JP Morgan recently initiated coverage on Sunedison Inc (NYSE:SUNE) with an ‘Overweight’ rating and a price target of $24, which represents a 135% premium based on the current price. The analysts believe that there are many long-term growth opportunities for the company going forward. Moreover, there have been some notable insider purchases, including CEO Ahmad Chatlia, who acquired some 9,700 shares on Friday taking his total stake to 845,672 shares.

Hedge fund sentiment surrounding Sunedison Inc (NYSE:SUNE) has remained almost  constant during the second quarter. Among over 700 funds that we track, 93 held long positions with an aggregate value of $5.68 billion in the company, as compared to 94 funds with $4.44 billion at the end of March. The rise in total investment came on the heels of a 25% surge in stock price during the second quarter. However, it’s important to point out that investors we follow hold nearly 70% of its outstanding stock. Among them, David Einhorn’s Greenlight Capital and Dan Loeb’s Third Point are the two largest shareholders of Sunedison Inc (NYSE:SUNE) within our database holding 24.84 million shares, valued at $743.10 million, and 12.40 million shares valued at $370.88 million respectively.

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