Emeren Group (NYSE:SOL - Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.500- for the period, compared to the consensus estimate of 0.350. The company issued revenue guidance of $150.0 million-$160.0 million, compared to the consensus revenue estimate of $148.7 million.
Emeren Group Trading Down 4.9 %
Shares of SOL traded down $0.10 during midday trading on Thursday, hitting $1.93. 446,109 shares of the stock were exchanged, compared to its average volume of 523,531. The firm has a market cap of $116.22 million, a P/E ratio of 39.01 and a beta of 1.79. Emeren Group has a 52-week low of $1.54 and a 52-week high of $4.54. The company has a debt-to-equity ratio of 0.06, a quick ratio of 5.40 and a current ratio of 5.40. The stock has a fifty day simple moving average of $1.97 and a 200 day simple moving average of $2.43.
Hedge Funds Weigh In On Emeren Group
A number of institutional investors have recently modified their holdings of SOL. Envestnet Asset Management Inc. purchased a new position in shares of Emeren Group during the 1st quarter worth approximately $64,000. Raymond James & Associates raised its holdings in Emeren Group by 33.8% during the first quarter. Raymond James & Associates now owns 23,289 shares of the semiconductor company's stock worth $135,000 after purchasing an additional 5,885 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Emeren Group by 17.5% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 18,634 shares of the semiconductor company's stock worth $108,000 after buying an additional 2,769 shares during the last quarter. Ergoteles LLC purchased a new stake in shares of Emeren Group in the first quarter valued at about $229,000. Finally, Verition Fund Management LLC purchased a new position in Emeren Group during the first quarter worth $67,000. 44.08% of the stock is owned by institutional investors and hedge funds.
About Emeren Group
(
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Emeren Group Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It owns and operates 3 gigawatt pipeline of projects and independent power producer assets. The company also develops community solar gardens; and sells project rights. In addition, it engages in engineering design; procurement of solar modules; balance-of-system components and other components; and construction contracting and management services.
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