Emeren Group (NYSE:SOL) Share Price Passes Above 200-Day Moving Average - Should You Sell?

Key Points

• Emeren Group's stock price recently crossed above its 200-day moving average of $1.70, trading as high as $1.88 before settling at $1.87.
• The company's rating was downgraded from "hold" to "sell" by Wall Street Zen, and it currently holds a consensus rating of "Hold" with an average price target of $5.00.
• Emeren Group reported a quarterly EPS of $0.03, exceeding expectations, but revenue of $12.88 million fell short of analyst estimates of $18.57 million.

Emeren Group Ltd. Sponsored ADR (NYSE:SOL - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $1.70 and traded as high as $1.88. Emeren Group shares last traded at $1.87, with a volume of 547,406 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen lowered Emeren Group from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $5.00.

Emeren Group Price Performance

The business has a 50 day moving average of $1.88 and a 200 day moving average of $1.70. The company has a market cap of $95.71 million, a PE ratio of -23.31 and a beta of 2.01. The company has a debt-to-equity ratio of 0.17, a current ratio of 4.24 and a quick ratio of 4.24.

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

Institutional Trading of Emeren Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Monaco Asset Management SAM grew its position in shares of Emeren Group by 8.5% in the 1st quarter. Monaco Asset Management SAM now owns 2,005,152 shares of the semiconductor company's stock worth $3,148,000 after buying an additional 157,388 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Emeren Group in the 2nd quarter worth about $388,000. Jane Street Group LLC purchased a new stake in shares of Emeren Group in the 2nd quarter worth about $179,000. Virtu Financial LLC purchased a new stake in shares of Emeren Group in the 1st quarter worth about $47,000. Finally, XTX Topco Ltd purchased a new stake in shares of Emeren Group in the 2nd quarter worth about $44,000. 44.08% of the stock is owned by hedge funds and other institutional investors.

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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