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

Emeren Group Ltd (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 $1.69 and traded as high as $1.91. Emeren Group shares last traded at $1.85, with a volume of 482,108 shares changing hands.

Wall Street Analyst Weigh In

SOL has been the topic of several recent research reports. HC Wainwright reiterated a "buy" rating and set a $7.00 price objective on shares of Emeren Group in a research report on Friday, March 14th. Roth Mkm lowered their price target on shares of Emeren Group from $3.00 to $2.00 and set a "buy" rating on the stock in a research report on Monday, March 17th. Finally, Wall Street Zen cut shares of Emeren Group from a "hold" rating to a "sell" rating in a research note on Friday, March 14th.

Emeren Group Stock Performance

The stock has a market cap of $91.10 million, a P/E ratio of -13.65 and a beta of 2.19. The company has a current ratio of 4.34, a quick ratio of 4.34 and a debt-to-equity ratio of 0.10. The stock has a 50 day simple moving average of $1.47 and a 200 day simple moving average of $1.69.

Emeren Group (NYSE:SOL - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The semiconductor company reported ($0.23) EPS for the quarter, missing analysts' consensus estimates of $0.08 by ($0.31). The company had revenue of $34.60 million during the quarter, compared to the consensus estimate of $40.13 million. Emeren Group had a negative return on equity of 2.05% and a negative net margin of 7.14%. During the same quarter in the previous year, the business posted ($0.15) EPS. On average, equities analysts expect that Emeren Group Ltd will post 0.1 earnings per share for the current year.

Hedge Funds Weigh In On Emeren Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC acquired a new stake in shares of Emeren Group during the 1st quarter worth approximately $47,000. Apollon Wealth Management LLC boosted its holdings in shares of Emeren Group by 45.5% in the 4th quarter. Apollon Wealth Management LLC now owns 29,100 shares of the semiconductor company's stock valued at $59,000 after purchasing an additional 9,100 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Emeren Group in the 4th quarter valued at $80,000. Invesco Ltd. raised its holdings in shares of Emeren Group by 26.5% during the 4th quarter. Invesco Ltd. now owns 792,148 shares of the semiconductor company's stock worth $1,608,000 after buying an additional 165,902 shares in the last quarter. Finally, Monaco Asset Management SAM raised 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 worth $3,148,000 after buying an additional 157,388 shares in the last quarter. 44.08% of the stock is currently owned by institutional investors and hedge funds.

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.