Zacks: Brokerages Set $2.60 Target Price for ReneSola Ltd. (SOL)

Shares of ReneSola Ltd. (NYSE:SOL) have earned a consensus broker rating score of 3.00 (Hold) from the one analysts that cover the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating.

Analysts have set a 1-year consensus price objective of $2.60 for the company and are predicting that the company will post $0.03 earnings per share for the current quarter, according to Zacks. Zacks has also assigned ReneSola an industry rank of 178 out of 255 based on the ratings given to its competitors.

SOL has been the topic of several research analyst reports. Zacks Investment Research cut shares of ReneSola from a “hold” rating to a “sell” rating in a research report on Friday, May 4th. Roth Capital cut shares of ReneSola from a “neutral” rating to a “sell” rating and set a $2.00 target price on the stock. in a research report on Monday, June 4th. Finally, ValuEngine cut shares of ReneSola from a “hold” rating to a “sell” rating in a research report on Friday, August 3rd.

Shares of ReneSola remained flat at $$2.42 during mid-day trading on Friday, reports. 32,560 shares of the company’s stock traded hands, compared to its average volume of 29,433. ReneSola has a one year low of $2.12 and a one year high of $3.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.17 and a current ratio of 1.17.

ReneSola (NYSE:SOL) last released its earnings results on Wednesday, June 20th. The semiconductor company reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.13. The company had revenue of $44.76 million during the quarter, compared to analyst estimates of $29.80 million. equities research analysts expect that ReneSola will post 0.26 EPS for the current fiscal year.

An institutional investor recently raised its position in ReneSola stock. Renaissance Technologies LLC raised its holdings in shares of ReneSola Ltd. (NYSE:SOL) by 5.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 654,960 shares of the semiconductor company’s stock after buying an additional 34,500 shares during the period. Renaissance Technologies LLC owned about 1.72% of ReneSola worth $1,742,000 at the end of the most recent reporting period. 10.16% of the stock is currently owned by hedge funds and other institutional investors.

ReneSola Company Profile

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It operates through three segments: solar power project development, EPC services, and electricity revenue generation. The company also develops community solar gardens; and sells projects rights. In addition, its engineering, and procurement and construction business includes engineering design, procurement of solar modules, balance-of-system and other components, and construction contracting and management services.

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