Solaris Energy Infrastructure, Inc. (NYSE: SEI) experienced significant trading activity recently as director Laurie Argo sold 2,300 shares of the company on December 17, 2023. The shares were sold at an average price of $44.25, totaling $101,775. Following this transaction, Argo retains ownership of 50,039 shares, valued at approximately $2,214,225.75, indicating a decrease of 4.39% in their overall position.
The sale was formally disclosed through a filing with the Securities and Exchange Commission. As of the latest trading day, Solaris shares opened at $44.85, reflecting a 4.2% increase. The company boasts a market capitalization of $3.07 billion, a price-to-earnings (PE) ratio of 47.71, and a beta of 1.14. The company’s fifty-day moving average stands at $49.26, while the 200-day moving average is at $37.97.
Solaris Energy has shown considerable price fluctuations over the past year, with a low of $14.27 and a high of $57.17. The company last reported its quarterly earnings on November 3, 2023, revealing earnings per share (EPS) of $0.32, surpassing analysts’ expectations of $0.24 by $0.08. The company generated $166.84 million in revenue, which exceeded the anticipated $142.82 million.
Analysts Adjust Price Targets Following Transactions
Recent analyst reports have responded positively to Solaris Energy Infrastructure’s performance. Citigroup increased their price target from $38.00 to $56.00, assigning a “buy” rating on October 13, 2023. Similarly, Morgan Stanley initiated coverage on the company on December 2, 2023, with an “overweight” rating and a target price of $68.00.
In a report dated November 17, 2023, Piper Sandler raised their price target from $50.00 to $65.00 while reiterating an “overweight” rating. Weiss Ratings also maintained a “buy (b-)” rating on December 15, 2023. Furthermore, Barclays lifted their price objective from $44.00 to $61.00 in early November. Currently, analysts categorize Solaris with two “Strong Buy” ratings, eleven “Buy” ratings, and one “Hold” rating, resulting in an average rating of “Buy” with a consensus target price of $52.80, according to MarketBeat.com.
Investor sentiment appears mixed due to recent insider selling activity. While CEO Amanda Brock acquired 3,669 shares for approximately $150,000, signaling confidence in the company’s prospects, other insider transactions, such as Cynthia Durrett‘s sale of 47,011 shares for around $2.1 million, have raised concerns. These actions may be perceived as profit-taking, potentially affecting investor confidence.
In addition to insider trading, there has been a notable increase in put-option activity, with traders purchasing approximately 26,876 puts, a rise of about 507% compared to typical volume. This surge indicates heightened short interest and could impact market sentiment in the near term.
Solaris Energy Infrastructure Fund Inc. (NYSE: SEI) is a closed-end management investment company focused on providing total return through current income and capital appreciation. The fund primarily invests in equity securities of energy infrastructure companies, including master limited partnerships and midstream entities. Managed by Solaris Asset Management LP, the fund targets enterprises involved in the gathering, processing, transportation, storage, and terminalling of oil, natural gas, and refined products.
As market dynamics evolve, investors and analysts will continue to monitor both insider activity and market performance to gauge the future trajectory of Solaris Energy Infrastructure.
