Brokerages Expect ReneSola Ltd (NYSE:SOL) to Announce $0.05 Earnings Per Share

Brokerages expect ReneSola Ltd (NYSE:SOL) to post earnings per share of $0.05 for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for ReneSola’s earnings. The highest EPS estimate is $0.06 and the lowest is $0.04. ReneSola also posted earnings per share of $0.05 during the same quarter last year. The company is expected to announce its next earnings results on Tuesday, December 7th.

According to Zacks, analysts expect that ReneSola will report full-year earnings of $0.27 per share for the current fiscal year. For the next year, analysts anticipate that the firm will post earnings of $0.33 per share, with EPS estimates ranging from $0.21 to $0.53. Zacks’ EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for ReneSola.

ReneSola (NYSE:SOL) last issued its quarterly earnings results on Sunday, August 29th. The semiconductor company reported $0.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.05. ReneSola had a return on equity of 4.09% and a net margin of 18.11%. The firm had revenue of $18.53 million for the quarter, compared to analysts’ expectations of $20.63 million. During the same quarter last year, the business posted $0.06 EPS.

A number of analysts have weighed in on SOL shares. Roth Capital lowered their price target on ReneSola from $8.20 to $7.70 and set a “neutral” rating on the stock in a research report on Wednesday, September 1st. Raymond James decreased their price objective on ReneSola from $14.50 to $12.50 and set an “outperform” rating for the company in a report on Tuesday, October 5th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, ReneSola has a consensus rating of “Buy” and an average target price of $11.73.

In related news, CFO Shah Capital Management bought 5,000 shares of the company’s stock in a transaction on Thursday, September 16th. The shares were purchased at an average price of $6.85 per share, for a total transaction of $34,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have acquired 16,000 shares of company stock valued at $108,750.

Several large investors have recently made changes to their positions in SOL. Deutsche Bank AG grew its stake in shares of ReneSola by 521.8% during the second quarter. Deutsche Bank AG now owns 3,700 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 3,105 shares during the last quarter. Citigroup Inc. raised its holdings in ReneSola by 1,013.5% in the 1st quarter. Citigroup Inc. now owns 3,875 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 3,527 shares during the last quarter. Concord Wealth Partners purchased a new position in ReneSola in the 1st quarter worth approximately $71,000. Bank of Montreal Can bought a new stake in ReneSola in the 1st quarter worth approximately $75,000. Finally, UBS Asset Management Americas Inc. bought a new stake in ReneSola in the 2nd quarter worth approximately $103,000. 36.10% of the stock is currently owned by hedge funds and other institutional investors.

SOL traded down $0.30 on Friday, hitting $6.95. The company had a trading volume of 24,311 shares, compared to its average volume of 2,503,222. ReneSola has a 1-year low of $2.97 and a 1-year high of $35.77. The stock has a market cap of $484.75 million, a price-to-earnings ratio of 36.70 and a beta of 2.28. The company’s fifty day moving average price is $6.85 and its 200 day moving average price is $8.04. The company has a debt-to-equity ratio of 0.08, a current ratio of 9.80 and a quick ratio of 9.80.

About ReneSola

ReneSola Ltd. engages in the manufacture of solar wafers and modules. It operates through the following segments: Wafer, Cell and Module, and Solar Power Projects. The Wafer segment includes manufacture and sales of monocrystalline and multicrystalline solar wafers and processing services. The Cell and Module segment involves in the manufacture and sale of PV cells and modules.

Further Reading: What is the Fibonacci sequence?

Get a free copy of the Zacks research report on ReneSola (SOL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for ReneSola Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ReneSola and related companies with MarketBeat.com's FREE daily email newsletter.