Emeren Group (NYSE:SOL) Shares Cross Above 200 Day Moving Average - Here's Why

Key Points

• Emeren Group Ltd. shares have crossed above the 200-day moving average at $1.68, recently trading at $1.89 with a volume of 136,990 shares.
• Wall Street Zen downgraded Emeren Group from a "hold" to a "sell" rating, although the stock has a consensus rating of "hold" with a price target of $5.00.
• In recent trading activities, institutional investors acquired significant stakes in Emeren Group, indicating strong interest, with institutional ownership at 44.08%.

Emeren Group Ltd. Sponsored ADR (NYSE:SOL - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.68 and traded as high as $1.89. Emeren Group shares last traded at $1.89, with a volume of 136,990 shares traded.

Wall Street Analyst Weigh In

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

Emeren Group Price Performance

The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 0.17. The company's fifty day moving average price is $1.89 and its 200 day moving average price is $1.68. The company has a market capitalization of $96.74 million, a P/E ratio of -23.56 and a beta of 2.01.

Emeren Group (NYSE:SOL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 19th. The semiconductor company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $12.88 million during the quarter, compared to analysts' expectations of $18.57 million. As a group, sell-side analysts forecast that Emeren Group Ltd. Sponsored ADR will post 0.1 EPS for the current year.

Institutional Investors Weigh In On Emeren Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. XTX Topco Ltd bought a new position in Emeren Group in the 2nd quarter valued at about $44,000. Virtu Financial LLC acquired a new stake in shares of Emeren Group during the 1st quarter worth approximately $47,000. Raymond James Financial Inc. bought a new position in Emeren Group in the fourth quarter valued at approximately $80,000. Jane Street Group LLC acquired a new position in Emeren Group during the second quarter valued at approximately $179,000. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in Emeren Group during the second quarter valued at approximately $388,000. Institutional investors 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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