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

Key Points

• Emeren Group Ltd.'s shares have recently surpassed their two hundred day moving average, trading as high as $1.84 with a current rate of $1.83.
• Analyst ratings for the stock have shifted, with Wall Street Zen lowering its rating from "hold" to "sell," contributing to a consensus rating of "Hold" and a target price of $5.00.
• Emeren Group reported earnings of $0.03 per share, outperforming expectations, but fell short on revenue with $12.88 million compared to the analyst estimate of $18.57 million.

Emeren Group Ltd. Sponsored ADR (NYSE:SOL - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.67 and traded as high as $1.84. Emeren Group shares last traded at $1.83, with a volume of 107,009 shares.

Analysts Set New Price Targets

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

Emeren Group Stock Performance

The stock has a market cap of $96.74 million, a P/E ratio of -23.56 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. The firm's 50-day moving average price is $1.89 and its 200-day moving average price is $1.67.

Emeren Group (NYSE:SOL - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $12.88 million for the quarter, compared to analysts' expectations of $18.57 million. Emeren Group had a negative net margin of 5.77% and a negative return on equity of 1.16%. Sell-side analysts expect that Emeren Group Ltd. Sponsored ADR will post 0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Emeren Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Monaco Asset Management SAM raised its position in shares of 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 buying an additional 157,388 shares during the last quarter. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Emeren Group during the second quarter valued at approximately $388,000. Jane Street Group LLC purchased a new position in shares of Emeren Group in the second quarter valued at $179,000. Raymond James Financial Inc. purchased a new position in shares of Emeren Group in the fourth quarter valued at $80,000. Finally, Virtu Financial LLC purchased a new position in shares of Emeren Group in the first quarter valued at $47,000. 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.