HC Wainwright Reaffirms Buy Rating for ReneSola (NYSE:SOL)

ReneSola (NYSE:SOL - Get Rating)'s stock had its "buy" rating reiterated by stock analysts at HC Wainwright in a research report issued on Thursday, PriceTargets.com reports.

A number of other analysts also recently weighed in on the company. Raymond James decreased their price target on ReneSola from $12.50 to $10.00 and set a "strong-buy" rating on the stock in a research note on Tuesday, July 12th. TheStreet upgraded ReneSola from a "d+" rating to a "c-" rating in a research note on Thursday, August 18th. Finally, StockNews.com downgraded ReneSola from a "hold" rating to a "sell" rating in a research note on Friday, June 17th. One analyst has rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $10.67.

ReneSola Trading Down 6.1 %

Shares of SOL stock opened at $5.10 on Thursday. The business's 50 day moving average is $5.74 and its two-hundred day moving average is $5.44. ReneSola has a twelve month low of $3.46 and a twelve month high of $9.72. The company has a market capitalization of $342.41 million, a P/E ratio of -127.50 and a beta of 2.20.

ReneSola (NYSE:SOL - Get Rating) last announced its earnings results on Wednesday, September 7th. The semiconductor company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). ReneSola had a negative net margin of 5.50% and a negative return on equity of 0.12%. During the same period in the previous year, the company earned $0.10 earnings per share. As a group, equities analysts predict that ReneSola will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at ReneSola

In related news, CFO Shah Capital Management purchased 92,707 shares of the business's stock in a transaction dated Wednesday, June 29th. The stock was bought at an average cost of $4.43 per share, with a total value of $410,692.01. Following the completion of the acquisition, the chief financial officer now directly owns 12,749,559 shares in the company, valued at approximately $56,480,546.37. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders purchased a total of 344,206 shares of company stock valued at $1,550,638 over the last three months. 18.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Physicians Financial Services Inc. bought a new stake in shares of ReneSola in the second quarter worth $57,000. abrdn plc bought a new stake in shares of ReneSola in the first quarter worth $64,000. Envestnet Asset Management Inc. bought a new stake in shares of ReneSola in the first quarter worth $64,000. Verition Fund Management LLC bought a new stake in shares of ReneSola in the first quarter worth $67,000. Finally, Cetera Advisors LLC increased its stake in shares of ReneSola by 27.0% in the first quarter. Cetera Advisors LLC now owns 16,940 shares of the semiconductor company's stock worth $98,000 after buying an additional 3,600 shares during the last quarter. 38.66% of the stock is owned by institutional investors and hedge funds.

About ReneSola

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ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects in the United States, Canada, Europe, and internationally. It operates through three segments: Solar Power Project Development, EPC Services, and Electricity Generation Revenue. The company also develops community solar gardens; and sells project rights.

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