Emeren Group (NYSE:SOL) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Shares of Emeren Group Ltd. Sponsored ADR (NYSE:SOL - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.74 and traded as high as $1.87. Emeren Group shares last traded at $1.85, with a volume of 148,636 shares traded.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Emeren Group from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Emeren Group in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Emeren Group has a consensus rating of "Hold" and a consensus price target of $5.00.

Emeren Group Stock Performance

The firm's 50 day moving average is $1.87 and its 200 day moving average is $1.74. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.24 and a current ratio of 4.24. The stock has a market cap of $94.94 million, a P/E ratio of -23.13 and a beta of 2.04.

Emeren Group (NYSE:SOL - Get Free Report) last released its quarterly earnings results on Tuesday, August 19th. The semiconductor company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.04. Emeren Group had a negative net margin of 5.77% and a negative return on equity of 1.16%. The business had revenue of $12.88 million for the quarter, compared to analyst estimates of $18.57 million. Analysts anticipate that Emeren Group Ltd. Sponsored ADR will post 0.1 EPS for the current year.

Hedge Funds Weigh In On Emeren Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. XTX Topco Ltd purchased a new position in Emeren Group during the 2nd quarter worth approximately $44,000. Virtu Financial LLC acquired a new stake in shares of Emeren Group in the first quarter worth $47,000. Jane Street Group LLC purchased a new position in shares of Emeren Group during the second quarter worth $179,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Emeren Group during the second quarter valued at $388,000. Finally, Monaco Asset Management SAM lifted its position in Emeren Group by 8.5% during the first quarter. Monaco Asset Management SAM now owns 2,005,152 shares of the semiconductor company's stock valued at $3,148,000 after purchasing an additional 157,388 shares during the period. Institutional investors and hedge funds own 44.08% of the company's stock.

Emeren Group Company Profile

Emeren Group Ltd, together with its subsidiaries, develops, builds, and sells solar power projects. It owns and operates 3-gigawatt pipeline of projects and independent power producer assets, as well as a 10-gigawatt pipeline of storage pipeline. The company develops community solar gardens; and sells project rights.

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