Zacks: ReneSola Ltd. (NYSE:SOL) Given Average Rating of “Hold” by Brokerages

ReneSola Ltd. (NYSE:SOL) has been assigned an average broker rating score of 3.00 (Hold) from the one brokers that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold rating.

Brokers have set a 12 month consensus price target of $1.53 for the company and are anticipating that the company will post $0.02 EPS for the current quarter, according to Zacks. Zacks has also given ReneSola an industry rank of 214 out of 255 based on the ratings given to its competitors.

Several brokerages recently commented on SOL. ValuEngine cut ReneSola from a “sell” rating to a “strong sell” rating in a research report on Friday, January 3rd. Zacks Investment Research cut ReneSola from a “hold” rating to a “sell” rating and set a $1.50 price target for the company. in a research report on Monday, January 6th.

Shares of NYSE:SOL traded up $0.01 during mid-day trading on Friday, reaching $1.36. 26 shares of the stock were exchanged, compared to its average volume of 46,227. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.25. The company has a market cap of $53.33 million, a P/E ratio of 136.00 and a beta of 2.12. ReneSola has a one year low of $0.86 and a one year high of $2.11. The stock’s 50 day simple moving average is $1.43 and its 200-day simple moving average is $1.33.

ReneSola (NYSE:SOL) last posted its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.01. ReneSola had a positive return on equity of 1.70% and a negative net margin of 2.42%. The business had revenue of $65.96 million during the quarter. During the same quarter in the previous year, the business posted $0.04 earnings per share. Analysts anticipate that ReneSola will post 0.18 EPS for the current fiscal year.

In other ReneSola news, insider Barlow Todd acquired 21,510 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was bought at an average cost of $22.74 per share, with a total value of $489,158.91. Also, major shareholder Shah Capital Management acquired 30,625 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was acquired at an average cost of $1.41 per share, with a total value of $43,181.25. Insiders have purchased 87,510 shares of company stock valued at $582,219 over the last three months.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOL. Susquehanna International Group LLP lifted its position in shares of ReneSola by 21.4% in the second quarter. Susquehanna International Group LLP now owns 190,398 shares of the semiconductor company’s stock valued at $244,000 after buying an additional 33,544 shares during the last quarter. Virtu Financial LLC acquired a new stake in ReneSola during the 3rd quarter worth approximately $35,000. Finally, Renaissance Technologies LLC lifted its holdings in ReneSola by 1.5% during the 2nd quarter. Renaissance Technologies LLC now owns 764,710 shares of the semiconductor company’s stock worth $979,000 after purchasing an additional 11,500 shares during the last quarter. 12.47% of the stock is owned by 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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