Emeren Group (NYSE:SOL) Shares Pass Above Two Hundred 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.

Shares of Emeren Group Ltd. Sponsored ADR (NYSE:SOL - Get Free Report) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred 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 traded.

Analyst Ratings Changes

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

Emeren Group Price Performance

The company has a market capitalization of $93.66 million, a price-to-earnings ratio of -22.81 and a beta of 2.01. The company has a 50-day moving average price of $1.89 and a 200-day moving average price of $1.67. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.24 and a current ratio of 4.24.

Emeren Group (NYSE:SOL - Get Free Report) last posted its 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. The company had revenue of $12.88 million during the quarter, compared to analyst estimates of $18.57 million. Emeren Group had a negative return on equity of 1.16% and a negative net margin of 5.77%. On average, equities research analysts expect that Emeren Group Ltd. Sponsored ADR will post 0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Emeren Group

Several institutional investors have recently modified their holdings of the business. Monaco Asset Management SAM lifted its holdings in shares of Emeren Group by 8.5% during the 1st 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 in the last quarter. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Emeren Group during the 2nd quarter valued at about $388,000. Jane Street Group LLC bought a new position in shares of Emeren Group during the 2nd quarter valued at about $179,000. Raymond James Financial Inc. bought a new position in shares of Emeren Group during the 4th quarter valued at about $80,000. Finally, Virtu Financial LLC bought a new position in shares of Emeren Group during the 1st quarter valued at about $47,000. Institutional investors own 44.08% of the company's stock.

About Emeren Group

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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