Emeren Group (NYSE:SOL) Shares Cross Above Two Hundred Day Moving Average - Here's What Happened

Emeren Group Ltd (NYSE:SOL - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-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.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SOL. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of Emeren Group in a report on Friday, March 14th. Wall Street Zen lowered Emeren Group from a "hold" rating to a "sell" rating in a report on Friday, March 14th. Finally, Roth Mkm decreased their target price on Emeren Group from $3.00 to $2.00 and set a "buy" rating for the company in a report on Monday, March 17th.

Emeren Group Stock Performance

The firm's fifty day simple moving average is $1.49 and its 200 day simple moving average is $1.69. The company has a market capitalization of $89.04 million, a PE ratio of -13.35 and a beta of 2.19. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.34 and a quick ratio of 4.34.

Emeren Group (NYSE:SOL - Get Free Report) last announced its quarterly earnings results on Thursday, March 13th. The semiconductor company reported ($0.23) earnings per share (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 analyst estimates of $40.13 million. Emeren Group had a negative net margin of 7.14% and a negative return on equity of 2.05%. During the same period in the previous year, the firm posted ($0.15) earnings per share. On average, research analysts predict that Emeren Group Ltd will post 0.1 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Monaco Asset Management SAM increased its stake in shares of Emeren Group by 35.7% during the fourth quarter. Monaco Asset Management SAM now owns 1,847,764 shares of the semiconductor company's stock worth $3,751,000 after purchasing an additional 486,063 shares in the last quarter. Invesco Ltd. increased its stake in 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. Raymond James Financial Inc. acquired a new position in shares of Emeren Group during the fourth quarter valued at approximately $80,000. Virtu Financial LLC purchased a new position in shares of Emeren Group in the first quarter valued at approximately $47,000. Finally, Apollon Wealth Management LLC boosted its stake in shares of Emeren Group by 45.5% in the fourth quarter. Apollon Wealth Management LLC now owns 29,100 shares of the semiconductor company's stock worth $59,000 after acquiring an additional 9,100 shares during the last quarter. Hedge funds and other 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.