Analysts expect ReneSola Ltd (NYSE:SOL) to post $18.91 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for ReneSola’s earnings. The highest sales estimate is $19.80 million and the lowest is $18.01 million. ReneSola reported sales of $21.16 million in the same quarter last year, which would suggest a negative year over year growth rate of 10.6%. The company is expected to announce its next quarterly earnings results on Friday, June 4th.
According to Zacks, analysts expect that ReneSola will report full-year sales of $99.30 million for the current year, with estimates ranging from $99.20 million to $99.40 million. For the next financial year, analysts anticipate that the business will post sales of $151.49 million, with estimates ranging from $123.00 million to $181.60 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for ReneSola.
A number of analysts recently weighed in on SOL shares. HC Wainwright increased their price target on shares of ReneSola from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, March 29th. Raymond James started coverage on shares of ReneSola in a research report on Monday, March 15th. They issued an “outperform” rating and a $14.50 price target on the stock. Finally, TheStreet downgraded shares of ReneSola from a “c” rating to a “d+” rating in a research report on Monday, February 22nd.
Shares of NYSE SOL traded up $0.10 during mid-day trading on Monday, hitting $10.78. The company’s stock had a trading volume of 19,860 shares, compared to its average volume of 4,330,381. The stock has a market cap of $750.09 million, a price-to-earnings ratio of -48.54 and a beta of 2.62. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.99 and a quick ratio of 0.99. ReneSola has a one year low of $0.91 and a one year high of $35.77. The company’s fifty day simple moving average is $13.63 and its 200-day simple moving average is $11.30.
A number of hedge funds have recently made changes to their positions in SOL. Acadian Asset Management LLC acquired a new stake in ReneSola during the 3rd quarter worth approximately $43,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in ReneSola during the 4th quarter worth approximately $184,000. BlackRock Inc. acquired a new stake in ReneSola during the 4th quarter worth approximately $54,000. Alliancebernstein L.P. acquired a new stake in ReneSola during the 4th quarter worth approximately $263,000. Finally, Wells Fargo & Company MN raised its holdings in ReneSola by 1,566.7% during the 4th quarter. Wells Fargo & Company MN now owns 3,000 shares of the semiconductor company’s stock worth $34,000 after buying an additional 2,820 shares during the period. Hedge funds and other institutional investors own 40.36% of the company’s stock.
ReneSola Company Profile
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 Generation Revenue. 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 components and other components, and construction contracting and management services.
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