ReneSola (NYSE:SOL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports. They currently have a $1.75 price objective on the semiconductor company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 22.10% from the stock’s previous close.
According to Zacks, “ReneSola is currently expanding its business in the international markets of Vietnam, Poland and Turkey, with the successful execution of its downstream strategy. Also, the company is actively pursuing opportunities in new markets, including South Korea and India. Coming to the domestic front, the company believes the China rooftop solar market to be a significant space for its expansion and it has aggressively established presence in that domain. In September, ReneSola announced an $11-million investment made by Shah Capital, which will provide an important capital infusion for ReneSola. However, its revenue growth prospects from the nation seems bleak, with the U.S. administration having imposed a tariff of 30% on the import of solar panels and modules. Over the past year, its shares have underperformed its industry.”
Separately, ValuEngine lowered ReneSola from a “buy” rating to a “hold” rating in a research report on Friday, November 1st.
Shares of SOL traded up $0.01 during mid-day trading on Tuesday, hitting $1.43. 43,627 shares of the company’s stock traded hands, compared to its average volume of 38,786. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.34. ReneSola has a 1 year low of $0.86 and a 1 year high of $2.11. The firm has a market capitalization of $54.09 million, a P/E ratio of 143.32 and a beta of 2.07. The business’s 50-day moving average price is $1.48 and its 200-day moving average price is $1.29.
ReneSola (NYSE:SOL) last posted its earnings results on Monday, September 16th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.11. The business had revenue of $13.57 million for the quarter, compared to analysts’ expectations of $10.40 million. Sell-side analysts anticipate that ReneSola will post 0.15 earnings per share for the current fiscal year.
In related news, insider Barlow Todd purchased 21,510 shares of ReneSola stock in a transaction on Wednesday, November 6th. The stock was acquired at an average price of $22.74 per share, for a total transaction of $489,158.91.
A hedge fund recently raised its stake in ReneSola stock. Renaissance Technologies LLC lifted its holdings in ReneSola Ltd. (NYSE:SOL) by 1.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 764,710 shares of the semiconductor company’s stock after acquiring an additional 11,500 shares during the period. Renaissance Technologies LLC owned 2.01% of ReneSola worth $979,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 12.74% of the company’s stock.
ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It operates through three segments: solar power project development, EPC services, and electricity revenue generation. The company also develops community solar gardens; and sells projects rights. In addition, its engineering, and procurement and construction business includes engineering design, procurement of solar modules, balance-of-system and other components, and construction contracting and management services.
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