Switchback Energy Acquisition (NYSE:SBE) Stock Price Down 8.6%


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Shares of Switchback Energy Acquisition Co. (NYSE:SBE) fell 8.6% during trading on Tuesday . The stock traded as low as $26.73 and last traded at $33.18. 3,904,974 shares changed hands during mid-day trading, an increase of 32% from the average session volume of 2,961,542 shares. The stock had previously closed at $36.29.

SBE has been the subject of several recent research reports. Roth Capital began coverage on shares of Switchback Energy Acquisition in a report on Friday, February 5th. They set a “buy” rating and a $46.00 target price for the company. Wolfe Research began coverage on shares of Switchback Energy Acquisition in a report on Thursday, December 10th. They set an “outperform” rating for the company.

The company has a 50-day simple moving average of $39.73.

Large investors have recently modified their holdings of the stock. Hodges Capital Management Inc. bought a new stake in Switchback Energy Acquisition during the fourth quarter valued at $4,521,000. Cambridge Investment Research Advisors Inc. bought a new stake in Switchback Energy Acquisition during the third quarter valued at $606,000. California Public Employees Retirement System increased its stake in Switchback Energy Acquisition by 188.0% during the third quarter. California Public Employees Retirement System now owns 65,561 shares of the company’s stock valued at $1,023,000 after purchasing an additional 42,800 shares during the last quarter. Carlson Capital L P bought a new stake in Switchback Energy Acquisition during the third quarter valued at $1,872,000. Finally, Stratos Wealth Partners LTD. bought a new stake in Switchback Energy Acquisition during the fourth quarter valued at $202,000. Institutional investors and hedge funds own 28.80% of the company’s stock.

About Switchback Energy Acquisition (NYSE:SBE)

Switchback Energy Acquisition Corporation does not have significant operations. It intends to identify and acquire companies through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combinations. The company focuses on investing in businesses and/or assets in the upstream and midstream energy sectors primarily in North America.

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