Technology Sector Update for 03/17/2017: VSLR,NSAT,QBAK


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Technology stocks were edging higher Friday afternoon, with shares of tech companies in the S&P 500 posting a 0.4% gain.

In company news, Vivint Solar ( VSLR ) jumped out to large gains today after the photovoltaic-panels installer late Thursday trading reported a narrower adjusted Q4 net loss than analysts were expecting as well as revenue exceeding Wall Street opinion.

Excluding one-time items, Vivint recorded a non-GAAP net loss attributable to common shareholders of $0.41 per share during the final three months of 2016, improving on a $0.50 per share net loss during the same quarter last year and beating the Capital IQ consensus expecting a $0.43 per share adjusted net loss. Revenue grew to $41.8 million from $16 million, topping a $41.7 million estimate.

Looking forward, the company is expecting to install between 43 to 46 megawatts at a cost of $2.95 to $3.05 per watt during the current quarter ending March 31. That compares with 47 megawatts installed at a cost of $3.08 per watt during the final three months of 2016 and 59 megawatts for $3.12 per watt during the same quarter last year.

VSLR shares were up nearly 2% at $2.80 a share in afternoon trade, backing down from a 13.3% advance to a session high today of $3.15 a share.

In other sector news,

(+) NSAT, (+23.1%) Privet Fund Management provides non-binding letter of interest to acquire NSAT at $10.25 per share, a 13.3% premium over Thursday's closing price. The company will review offer as part of ongoing strategic review.

(-) QBAK, (-15.5%) Trims Q4 net loss to $0.20 per share compared with $0.21 per share loss during year-ago period. Revenue declines 15.4% from year-ago period to $2.2 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Technology , Commodities
Referenced Symbols: VSLR , NSAT , QBAK


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