ReneSola Ltd (NYSE:SOL - Get Rating) has been given a consensus recommendation of "Moderate Buy" by the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $9.33.
Several analysts have recently issued reports on the stock. StockNews.com lowered shares of ReneSola from a "hold" rating to a "sell" rating in a research report on Friday, June 17th. HC Wainwright reaffirmed a "buy" rating on shares of ReneSola in a report on Thursday, September 8th. Northland Securities initiated coverage on ReneSola in a report on Tuesday. They issued an "outperform" rating and a $8.00 price target for the company. TheStreet raised ReneSola from a "d+" rating to a "c-" rating in a research note on Thursday, August 18th. Finally, Raymond James decreased their target price on ReneSola from $12.50 to $10.00 and set a "strong-buy" rating for the company in a research report on Tuesday, July 12th.
Insider Buying and Selling
In related news, CFO Shah Capital Management acquired 145,000 shares of the firm's stock in a transaction on Tuesday, June 21st. The stock was bought at an average cost of $4.63 per share, with a total value of $671,350.00. Following the acquisition, the chief financial officer now directly owns 12,164,611 shares in the company, valued at $56,322,148.93. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 18.02% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On ReneSola
A number of institutional investors have recently added to or reduced their stakes in the company. Physicians Financial Services Inc. bought a new stake in ReneSola in the second quarter valued at $57,000. abrdn plc bought a new position in ReneSola in the first quarter valued at about $64,000. Envestnet Asset Management Inc. bought a new position in ReneSola in the first quarter valued at about $64,000. Verition Fund Management LLC bought a new position in ReneSola during the first quarter worth about $67,000. Finally, Cetera Advisors LLC boosted its holdings in ReneSola by 27.0% during 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.
ReneSola Trading Up 0.9 %
ReneSola stock traded up $0.05 during midday trading on Tuesday, hitting $5.59. The stock had a trading volume of 1,052 shares, compared to its average volume of 618,908. The firm's fifty day moving average is $5.77 and its two-hundred day moving average is $5.44. The company has a market capitalization of $375.31 million, a PE ratio of -138.75 and a beta of 2.20. ReneSola has a 52-week low of $3.46 and a 52-week high of $9.72.
ReneSola (NYSE:SOL - Get Rating) last posted its quarterly 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 return on equity of 0.12% and a negative net margin of 5.50%. During the same period in the prior year, the company earned $0.10 earnings per share. As a group, equities research analysts predict that ReneSola will post 0.1 earnings per share for the current fiscal year.
ReneSola Company Profile
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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