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. In addition, its engineering, procurement, and construction business provides engineering design, procurement of solar modules, balance-of-system components and other components, and construction contracting and management services. Further, the company generates and sells electricity. As of December 31, 2021, it operated approximately 100 solar power projects with an aggregate capacity of 180 megawatts. ReneSola Ltd was founded in 2005 and is headquartered in Stamford, Connecticut.
ReneSola Stock Performance
Shares of NYSE:SOL traded down $0.36 during trading on Friday, reaching $6.43. The stock had a trading volume of 452,662 shares, compared to its average volume of 940,663. ReneSola has a fifty-two week low of $3.46 and a fifty-two week high of $9.72. The business's 50-day moving average price is $5.46 and its 200-day moving average price is $5.42. The company has a market cap of $431.68 million, a P/E ratio of 107.17 and a beta of 2.21.
ReneSola (NYSE:SOL - Get Rating) last released its earnings results on Tuesday, June 7th. The semiconductor company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.04. The firm had revenue of $3.51 million during the quarter, compared to analyst estimates of $3.93 million. ReneSola had a return on equity of 1.67% and a net margin of 7.29%. During the same period last year, the business posted $0.05 earnings per share. Analysts forecast that ReneSola will post 0.13 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
SOL has been the subject of a number of research reports. Raymond James dropped their price objective on ReneSola from $12.50 to $10.00 and set a "strong-buy" rating for the company in a research note on Tuesday, July 12th. StockNews.com cut ReneSola from a "hold" rating to a "sell" rating in a research note on Friday, June 17th. One research analyst has rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.67.
Insider Activity at ReneSola
In related news, CFO Shah Capital Management bought 145,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 21st. The stock was purchased at an average cost of $4.63 per share, for a total transaction of $671,350.00. Following the completion of the acquisition, the chief financial officer now owns 12,164,611 shares in the company, valued at approximately $56,322,148.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders purchased 344,206 shares of company stock worth $1,550,638.