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 Trading Down 2.5 %
Shares of ReneSola stock traded down $0.18 during trading hours on Monday, hitting $7.02. 18,673 shares of the company were exchanged, compared to its average volume of 951,555. ReneSola has a 1 year low of $3.46 and a 1 year high of $9.72. The business has a 50-day moving average of $5.29 and a 200-day moving average of $5.37. The stock has a market capitalization of $471.29 million, a price-to-earnings ratio of 117.33 and a beta of 2.21.
ReneSola (NYSE:SOL - Get Rating) last released its quarterly earnings results on Tuesday, June 7th. The semiconductor company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04. ReneSola had a return on equity of 1.67% and a net margin of 7.29%. The business had revenue of $3.51 million during the quarter, compared to analysts' expectations of $3.93 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. As a group, research analysts anticipate that ReneSola will post 0.13 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several research firms have recently weighed in on SOL. Raymond James decreased their price objective on ReneSola from $12.50 to $10.00 and set a "strong-buy" rating for the company in a report on Tuesday, July 12th. StockNews.com downgraded ReneSola from a "hold" rating to a "sell" rating in a report on Friday, June 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.67.
Insider Transactions at ReneSola
In other ReneSola news, CFO Shah Capital Management acquired 145,000 shares of the business's stock in a transaction on Tuesday, June 21st. The stock was purchased at an average price of $4.63 per share, for a total transaction of $671,350.00. Following the completion of the transaction, the chief financial officer now owns 12,164,611 shares of the company's stock, 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 link. Insiders purchased 344,206 shares of company stock worth $1,550,638 over the last 90 days.