Emeren Group (NYSE:SOL) Issues FY 2024 Earnings Guidance

Emeren Group (NYSE:SOL) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.500- for the period, compared to the consensus estimate of 0.350. The company issued revenue guidance of $150.0 million-$160.0 million, compared to the consensus revenue estimate of $148.7 million.

Emeren Group Stock Down 4.9 %

Shares of NYSE:SOL traded down $0.10 during trading on Thursday, reaching $1.93. 446,109 shares of the stock were exchanged, compared to its average volume of 523,531. Emeren Group has a 1-year low of $1.54 and a 1-year high of $4.54. The stock has a fifty day moving average of $1.97 and a two-hundred day moving average of $2.43. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.40 and a quick ratio of 5.40. The firm has a market cap of $116.22 million, a price-to-earnings ratio of 39.01 and a beta of 1.79.

Hedge Funds Weigh In On Emeren Group

A number of hedge funds and other institutional investors have recently modified their holdings of SOL. State Street Corp grew its stake in Emeren Group by 5.9% in the 3rd quarter. State Street Corp now owns 3,832,911 shares of the semiconductor company’s stock valued at $19,318,000 after buying an additional 212,866 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Emeren Group by 1,977.8% in the 4th quarter. Millennium Management LLC now owns 2,168,324 shares of the semiconductor company’s stock valued at $9,801,000 after purchasing an additional 2,063,968 shares in the last quarter. Legal & General Group Plc increased its stake in Emeren Group by 20.9% in the 4th quarter. Legal & General Group Plc now owns 1,561,346 shares of the semiconductor company’s stock worth $4,262,000 after purchasing an additional 269,572 shares during the period. GSA Capital Partners LLP grew its position in shares of Emeren Group by 26.8% in the 4th quarter. GSA Capital Partners LLP now owns 681,164 shares of the semiconductor company’s stock worth $1,860,000 after buying an additional 143,948 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Emeren Group by 10.5% during the second quarter. Marshall Wace LLP now owns 660,828 shares of the semiconductor company’s stock valued at $2,505,000 after purchasing an additional 62,838 shares in the last quarter. Hedge funds and other institutional investors own 44.08% of the company’s stock.

Emeren Group Company Profile

Emeren Group Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It owns and operates 3 gigawatt pipeline of projects and independent power producer assets. The company also develops community solar gardens; and sells project rights. In addition, it engages in engineering design; procurement of solar modules; balance-of-system components and other components; and construction contracting and management services.