Equities analysts expect that ReneSola Ltd (NYSE:SOL) will post $24.64 million in sales for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for ReneSola's earnings. The highest sales estimate is $24.80 million and the lowest is $24.31 million. ReneSola posted sales of $26.53 million in the same quarter last year, which would indicate a negative year over year growth rate of 7.1%. The company is expected to issue its next quarterly earnings results on Friday, March 19th.
On average, analysts expect that ReneSola will report full-year sales of $81.74 million for the current financial year, with estimates ranging from $81.41 million to $81.90 million. For the next year, analysts expect that the business will post sales of $161.40 million, with estimates ranging from $113.90 million to $206.51 million. Zacks' sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for ReneSola.
A number of equities analysts have issued reports on SOL shares. TheStreet cut ReneSola from a "c" rating to a "d+" rating in a report on Monday, February 22nd. HC Wainwright raised their price target on ReneSola from $4.00 to $12.00 and gave the stock a "buy" rating in a research report on Monday, December 14th. Finally, Raymond James started coverage on ReneSola in a research report on Monday. They set an "outperform" rating and a $14.50 price target on the stock.
In other news, CFO Shah Capital Management sold 649,019 shares of the firm's stock in a transaction dated Wednesday, December 23rd. The stock was sold at an average price of $9.78, for a total transaction of $6,347,405.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 2,873,712 shares of company stock worth $29,895,848.
A number of institutional investors have recently made changes to their positions in the stock. Wells Fargo & Company MN raised its position in ReneSola by 1,566.7% in the 4th quarter. Wells Fargo & Company MN now owns 3,000 shares of the semiconductor company's stock valued at $34,000 after buying an additional 2,820 shares during the last quarter. BlackRock Inc. acquired a new stake in ReneSola in the 4th quarter valued at approximately $54,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in ReneSola in the 4th quarter valued at approximately $184,000. Acadian Asset Management LLC acquired a new stake in ReneSola in the 3rd quarter valued at approximately $43,000. Finally, Alliancebernstein L.P. acquired a new stake in ReneSola in the 4th quarter valued at approximately $263,000. 40.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of SOL opened at $12.58 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.33. ReneSola has a 1 year low of $0.90 and a 1 year high of $35.77. The stock has a market cap of $875.34 million, a P/E ratio of -57.18 and a beta of 2.62. The stock's 50-day moving average price is $18.20 and its two-hundred day moving average price is $10.32.
ReneSola Company Profile
ReneSola Ltd., through its subsidiaries, develops, builds, operates, and sells solar power projects. It operates through three segments: Solar Power Project Development, EPC Services, and Electricity Generation Revenue. The company also develops community solar gardens; and sells projects rights. In addition, its engineering, and procurement and construction business includes engineering design, procurement of solar modules, balance-of-system components and other components, and construction contracting and management services.
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