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Information Technology : Semiconductors & Semiconductor Equipment | Small Cap Value
Company profile

SPI Energy Co., Ltd. is a provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government and utility customers and investors. The Company operates through three segments: EV business, renewable energy solutions business and solar projects development business. The Company develops solar PV projects that are either sold to third-party operators or owned and operated by the Company for selling electricity to the grid in multiple countries in Asia, North America and Europe. In Australia, The Company primarily sells solar PV components to retail customers and solar project developers. The Company’s subsidiaries include SolarJuice Co., Ltd, Solar Juice Pty Ltd., Solarjuice American Inc., Sloar4america Technology Inc., Italsolar S.r.l., SPI Solar Japan G.K., Solar Power Inc UK Service Limited, SPI Solar Inc., Heliostixio S.A., Thermi Sun S.A., Knight Holding Corporation, Edisonfuture Inc., Phoenix Motor Inc. and Phoenix Motorcars Leasing LLC.

Closing Price
Day's Change
-0.0204 (-2.49%)
B/A Size
Day's High
Day's Low
(Heavy Day)

10-day average volume:

The Andersons and KeyCorp have been highlighted as Zacks Bull and Bear of the Day

7:26 am ET August 24, 2023 (Zacks) Print

For Immediate Release

Chicago, IL – August 24, 2023 – Zacks Equity Research shares The Andersons, Inc. ANDE as the Bull of the Day and KeyCorp KEY as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Maxeon Solar Technologies Ltd. MAXN, SolarEdge Technologies, Inc. SEDG and First Solar FSLR.

Here is a synopsis of all five stocks.

Bull of the Day:

The Andersons, Inc. easily exceeded earnings expectations in the second quarter. It has jumped back to a Zacks Rank #1 (Strong Buy) as earnings estimates for 2023 and 2024 were revised higher.

The Andersons is an agribusiness company which has grown, over the last 76 years, from a single grain elevator to a diverse company with commodity merchandising (trade), renewables, and nutrient and industrial specialties.

Big Beat in the Second Quarter

On Aug 1, 2023, The Andersons reported second quarter results and blew by the Zacks Consensus by $0.46. Earnings were $1.52 versus the Zacks Consensus of $1.06. It was the fifth earnings beat in a row.

Business improved in several segments. After a slow first quarter, Nutrient & Industrial saw improved volumes during the 2023 planting period, driving a 21% increase in tons sold from the second quarter of 2022.

Trade results were mixed with an overall decline in gross profit from a year ago, but that included certain margin impacts from the Russian invasion of Ukraine that the company is not expecting to see repeated. Recent investments in food and pet food ingredients also contributed to earnings in the quarter.

Renewables saw solid earnings as ethanol crush margins strengthened over the quarter.

Analyst Is Bullish

Zacks only has one earnings estimate on The Andersons as it is lightly covered given that it's a small cap company with a market cap of just $1.7 billion.

But that analyst has raised full year 2023 and 2024 earnings estimates. The 2023 Zacks Consensus has jumped to $2.90 from $2.38 in the last 30 days. That's still a decline of 28.4% from last year when The Andersons made $4.05 due to the impacts on the agriculture industry due to the Ukraine War.

But 2024 is looking bullish as well, with the earnings estimate rising to $3.26 from $2.96 over the last month. That's earnings growth of 12.2%.

The Andersons Is Still Cheap

Shares have staged a big rally in 2023, adding 46.9% year-to-date.

But it's not expensive. The Andersons has a forward P/E of 17.5 and a P/S ratio of just 0.1. A P/S ratio under 1.0 indicates a company is undervalued.

It's also shareholder friendly. The Andersons pays a dividend, currently yielding 1.5%. On Oct 20, 2023, it will pay its fourth quarter dividend to shareholders. It will be the 108th consecutive quarterly dividend. The company has paid it every quarter since listing on the NASDAQ in Feb 1996.

For investors looking for an agribusiness investment, The Andersons is one to keep on your short list.

Bear of the Day:

KeyCorp earnings are expected to slide in 2023 as the regional banks struggle while the Fed hikes. The analysts have recently cut full year earnings estimates again on this Zacks Rank #5 (Strong Sell).

KeyCorp is one of the largest bank-based financial services companies in the United States. It is headquartered in Cleveland, Ohio, and has assets of about $198 billion as of Mar 31, 2023. It provides deposit, lending, cash management and investment services to individuals and businesses in 15 states. KeyCorp operates, under the name KeyBank, about 1,000 branches and 1,300 ATMS.

It also operates KeyBanc Capital Markets and offers M&A advice, public and private debt and equity, syndications and derivatives to middle market companies in select industries.

The Analysts Are Cutting Again

In late July 2023 and early Aug 2023, 4 analysts cut full year earnings estimates on KeyCorp for both 2023 and 2024.

4 estimates have been cut for 2023 in the last 30 days. That has pushed the Zacks Consensus down to $1.13 from $1.22 during that time. That's an earnings decline of 41.2% as KeyCorp made $1.92 last year.

4 estimates have also been cut for next year as well. That has pushed the Zacks Consensus down to $1.33 from $1.41, but that is earnings growth of 17.7%.

It's been a rough year for the regional banks in terms of beating the earnings estimates. KeyCorp has missed on the Zacks Consensus 3 out of the last 4 quarters.

Do the analysts have it right this time? Will 2023 turn out to be the earnings bottom?

Here's what the Zacks Price and Consensus chart looks like. This is why KeyCorp is a Rank #5 (Strong Sell). The analysts have been aggressively cutting earnings estimates for this year and next.

What About that Dividend?

Shares of KeyCorp have fallen 38.3% year-to-date as fears about the banks have taken their toll. Over the last month, some of the weakness in the shares has returned. KeyCorp is down 5.9% over the last 30 days.

It's cheap, however, with a forward P/E of 9.2.

KeyCorp is also paying a massive dividend, currently yielding 7.9%. But I know what you're thinking: is that dividend for real?

KeyCorp declared the dividend on July 11, 2023. It is payable on Sep 15, 2023 to shareholders as of the close of business on Aug 29, 2023. But remember, your trade must clear by that date for you to qualify for the dividend. Be sure to check with your broker on clearing times.

Earnings are telling the story, for now, on some of the regional banks. The Zacks Rank is a short-term recommendation of 1 to 3 months. Investors interested in the banks, should be sure to check in on the earnings picture later on this year.

Additional content:

Why You Should Keep a Watch on These 3 Solar Energy Stocks

There has been a heightened need to transition to solar energy in the fight against greenhouse gas emissions. The transition from fossil fuels to renewable energy is creating opportunities for investors, although it will take huge investments and much time for this transition. Amid the backdrop, Maxeon Solar Technologies Ltd., SolarEdge Technologies, Inc. and First Solar are well-poised to gain.

Solar Contributes More to New Generating Capacity

By the end of this year, the electric power sector is willing to add 27 gigawatts (GW) of solar generating new capacity, per the latest short-term energy outlook of the U.S. Energy Information Administration (“EIA”). Next year, an additional 31 GW of new solar generating capacity will be added, per EIA. As a result, except for hydropower, renewables will comprise a 16% share of total electricity generation in the United States in 2023, said EIA. The proportion will increase to 18% in the next year, included in the short-term energy outlook, also improving from 15% in 2022.

The United States is reducing its dependency on coal-fired plants, and accordingly, the share of coal in U.S. electricity generation will reduce to 16% this year and 15% next year, per EIA’s prediction.

3 Stocks to Keep an Eye On

Thus, it is time for investors to keep an eye on solar energy stocks. We have zeroed in on three such stocks. All the stocks carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Maxeon Solar is a key player in solar innovation and channels. As a key provider of premium solar technology, Maxeon Solar is continuing its innovation works that are leading to its seventh generation of advanced IBC solar technology. MAXN is capitalizing on off-grid applications since solar is being utilized for transportation to charge a growing number of devices that could power human lives.

In the smart energy technology space, SolarEdge Technologies is a well-known player. With the development of an intelligent inverter solution, SolarEdge has paved the way for changing how power is harvested and managed in photovoltaic systems.

To accelerate its fight against global warming, First Solar is primarily engaged in providing eco-efficient solar modules. The advanced thin-film photovoltaic modules of First Solar represent highly advanced solar technologies of the next generation.

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The Andersons, Inc. (ANDE): Free Stock Analysis Report
First Solar, Inc. (FSLR): Free Stock Analysis Report
KeyCorp (KEY): Free Stock Analysis Report
SolarEdge Technologies, Inc. (SEDG): Free Stock Analysis Report
Maxeon Solar Technologies, Ltd. (MAXN): Free Stock Analysis Report

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