Promise of Information-to-Come Gives Vivint Shares a Boostby
Vivint to host call with investors and analysts on April 14
SunEdison's planned acquisition of Vivint failed last month
Vivint gained 26 percent to $3.08 at the close in New York, the most since Feb. 26.
The company scheduled a conference call with investors and analysts for April 14, according to a statement Tuesday. Chief Executive Officer Greg Butterfield and Chief Financial Officer Dana Russell will host the call and will review the 2015 fiscal year and provide guidance for this year.
It’s been a turbulent year for the Lehi, Utah-based solar installer. In July, it agreed to be acquired by SunEdison in a deal worth $2.2 billion. SunEdison investors and analysts criticized the acquisition and its shares plunged. The transaction was renegotiated in December to $1.9 billion and then Vivint canceled it in March after the buyer failed to meet some obligations to complete the purchase.
Vivint’s shares have declined 80 percent since the deal was announced, and the company has offered little guidance since killing the deal. It also filed a lawsuit seeking damages from SunEdison. Investors are eager to get a better picture of the company’s status and plans, according to Michael Morosi, an analyst at Avondale Partners LLC.
“Management is coming in to fill the information vacuum,” Morosi said in an interview Wednesday. The shares are “super-cheap, and investors are welcoming the disclosure and the discussion.” He rates the company the equivalent of buy, with a $6 price target.