The SunEdison (SUNE) exits are getting crowded.
On Monday, David Einhorn's Greenlight Capital and its related entities announced via a filing with the Securities and Exchange Commission that it no longer holds more than 5% of SunEdison stock.
Greenlight Capital's stake in the troubled renewable-energy company is now 1.6%, according to the filing, down from 4% in January. Einhorn's own stake in the company has been reduced by more than half to 2.8% from 6.8%, according to filings.
Representatives for Greenlight Capital declined to comment.
Monday's filing detailed a series of sales of SunEdison stock, priced between $0.30 and $0.38, which occurred in the open market between April 15 and April 18 of this year. Shares were down about 5% to $0.33 in volatile morning trading.
When Einhorn presented his long position on SunEdison at a conference in October 2014, he said shares could go as high as $32. At the time of the presentation, shares of SunEdison traded for nearly $20. The price did in fact reach $32 in July 2015; however, the stock began its rapid decline soon after due to SunEdison's announced plans to acquire Vivint Solar (VSLR) for $2.2 billion. The planned merger has since failed and SunEdison is being sued by Vivint.
In January, SunEdison named a representative for Greenlight Capital to its eight-person board. As reports of a potential SunEdison bankruptcy filing mount, the board presence may be too little too late.
