ReneSola Ltd (NYSE:SOL) shares traded 4.21% higher at $5.45 on Wall Street last session.
In accordance with the data, 4 analysts cover ReneSola Ltd (NYSE:SOL). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $12.00 and a low of $9.00, we find $9.75. Given the previous closing price of $5.23, this indicates a potential upside of 86.42 percent. SOL stock price is now 14.73% away from the 50-day moving average and 7.83% away from the 200-day moving average. The market capitalization of the company currently stands at $352.02M.
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It has been rated a hold by 0 analysts and a buy by 4. Brokers who have rated the stock have averaged $10.13 as their price target over the next twelve months.
With the price target of $8, Northland Capital recently initiated with Outperform rating for ReneSola Ltd (NYSE: SOL). On January 05, 2022, ROTH Capital Upgraded its previous ‘Neutral’ rating to ‘Buy’ on the stock increasing its target price from $7.70 to quote $10, while ‘Raymond James’ rates the stock as ‘Strong Buy’.
In other news, SHAH CAPITAL MANAGEMENT, CFO bought 92,090 shares of the company’s stock on Dec 28. The stock was bought for $378,490 at an average price of $4.11. Upon completion of the transaction, the CFO now directly owns 14,015,003 shares in the company, valued at $76.38 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Dec 15, CFO SHAH CAPITAL MANAGEMENT bought 112,809 shares of the business’s stock. A total of $496,360 was incurred on buying the stock at an average price of $4.40. This leaves the insider owning 13,922,913 shares of the company worth $75.88 million. A total of 0.08% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in SOL stock. A new stake in ReneSola Ltd shares was purchased by LEGAL & GENERAL GROUP PLC during the first quarter worth $4,279,000. MILLENNIUM MANAGEMENT LLC invested $569,000 in shares of SOL during the first quarter. In the first quarter, SUSQUEHANNA INTERNATIONAL GROUP, LLP acquired a new stake in ReneSola Ltd valued at approximately $242,000. LPL FINANCIAL LLC acquired a new stake in SOL for approximately $191,000. TWO SIGMA SECURITIES, LLC purchased a new stake in SOL valued at around $151,000 in the second quarter. In total, there are 81 active investors with 44.60% ownership of the company’s stock.
ReneSola Ltd (NYSE: SOL) opened at $5.25 on Monday. During the past 12 months, ReneSola Ltd has had a low of $3.46 and a high of $8.43. As of last week, the company has a debt-to-equity ratio of 0.14, a current ratio of 6.20, and a quick ratio of 6.20. The fifty day moving average price for SOL is $4.77 and a two-hundred day moving average price translates $5.05 for the stock.
The latest earnings results from ReneSola Ltd (NYSE: SOL) was released for Jun, 2022. According to the Solar Company, earnings per share came in at -$0.01, missing analysts’ expectations of $0.02 by -0.03. This compares to $0.02 EPS in the same period last year. The net profit margin was -0.80% and return on equity was -0.10% for SOL. The company reported revenue of $28.89 million for the quarter, compared to $15.54 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 85.91 percent. For the current quarter, analysts expect SOL to generate $22.56M in revenue.
ReneSola Ltd(SOL) 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. 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.
