Renesola Ltd. (NYSE:SOL) Cut to “Strong Sell” at ValuEngine
Renesola Ltd. (NYSE:SOL) was downgraded by equities researchers at ValuEngine from a “sell” rating to a “strong sell” rating in a report released on Friday, June 2nd.
A number of other brokerages have also recently commented on SOL. Credit Suisse Group upgraded Renesola from an “underperform” rating to a “neutral” rating and reduced their price objective for the stock from $5.00 to $4.00 in a research note on Wednesday, March 29th. Zacks Investment Research upgraded Renesola from a “hold” rating to a “buy” rating and set a $2.75 price objective on the stock in a research note on Wednesday, March 22nd. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $2.92.
Shares of Renesola (SOL) traded up 0.9793% during midday trading on Friday, reaching $2.4437. The company’s stock had a trading volume of 16,402 shares. Renesola has a 52 week low of $2.15 and a 52 week high of $6.40. The firm’s 50 day moving average is $2.59 and its 200 day moving average is $2.01. The firm’s market capitalization is $49.00 million.
Renesola (NYSE:SOL) last issued its quarterly earnings data on Thursday, June 15th. The semiconductor company reported ($1.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.08) by $0.08. The company had revenue of $156.68 million for the quarter, compared to analyst estimates of $143.76 million. Renesola had a negative return on equity of 81.60% and a negative net margin of 7.71%. The company’s revenue for the quarter was down 39.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 EPS. Equities analysts forecast that Renesola will post ($2.67) EPS for the current fiscal year.
An institutional investor recently raised its position in Renesola stock. Renaissance Technologies LLC raised its position in Renesola Ltd. (NYSE:SOL) by 6.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,514,800 shares of the semiconductor company’s stock after buying an additional 147,436 shares during the period. Renaissance Technologies LLC owned about 12.45% of Renesola worth $1,609,000 at the end of the most recent reporting period. Institutional investors own 12.64% of the company’s stock.
Renesola Company Profile
ReneSola Ltd is a holding company. The Company is a brand and technology provider of energy-efficient products based in China. The Company’s segments include wafer sales, cell and module sales, and solar power projects. The wafer sales segment involves the manufacture and sales of monocrystalline and multicrystalline solar wafers and processing services.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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