Enernoc Falls Most on Record After Forecasting Loss; Ratings Cut
Enernoc Inc. (ENOC), a company that helps utilities reduce power demand during peak hours, had its biggest decline in Nasdaq Stock Market trading after forecasting a loss for the year. Five analysts lowered their ratings on the shares.
Enernoc dropped as much as 39 percent, the largest intraday slump since the shares started trading in May 2007. The stock was down 35 percent at $9.30 as of 12:08 p.m. New York time, valuing the Boston-based company at $245 million.
The company forecast an annual per-share loss of as much as 50 cents, compared with May 5 guidance for net income of 25 cents to 50 cents, Enernoc said in a statement after the close of trading yesterday. Analysts expected earnings of 31 cents, according to the average of 20 estimates compiled by Bloomberg.
Five analysts reduced their ratings on Enernoc to “hold” from “buy,” including teams at JPMorgan Chase & Co., Ardour Capital and ThinkEquity LLC.
To contact the editor responsible for this story: Reed Landberg at email@example.com.