Emeren Group (NYSE:SOL) Issues FY 2024 Earnings Guidance

Emeren Group (NYSE:SOL) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.500- for the period, compared to the consensus EPS estimate of 0.350. The company issued revenue guidance of $150.0 million-$160.0 million, compared to the consensus revenue estimate of $148.7 million.

Emeren Group Stock Down 4.9 %

SOL opened at $1.93 on Friday. The firm has a 50 day moving average price of $1.97 and a 200 day moving average price of $2.43. The company has a market cap of $116.22 million, a PE ratio of 38.61 and a beta of 1.79. Emeren Group has a 1 year low of $1.54 and a 1 year high of $4.54. The company has a debt-to-equity ratio of 0.06, a quick ratio of 5.40 and a current ratio of 5.40.

Hedge Funds Weigh In On Emeren Group

Several institutional investors and hedge funds have recently made changes to their positions in SOL. Envestnet Asset Management Inc. purchased a new position in shares of Emeren Group during the 1st quarter valued at approximately $64,000. Raymond James & Associates boosted its stake in shares of Emeren Group by 33.8% during the 1st quarter. Raymond James & Associates now owns 23,289 shares of the semiconductor company’s stock valued at $135,000 after buying an additional 5,885 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Emeren Group by 17.5% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 18,634 shares of the semiconductor company’s stock valued at $108,000 after buying an additional 2,769 shares during the last quarter. Ergoteles LLC bought a new position in Emeren Group during the first quarter worth $229,000. Finally, Verition Fund Management LLC bought a new position in Emeren Group during the first quarter worth $67,000. 44.08% of the stock is currently owned by hedge funds and other institutional investors.

About Emeren Group

Emeren Group Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It owns and operates 3 gigawatt pipeline of projects and independent power producer assets. The company also develops community solar gardens; and sells project rights. In addition, it engages in engineering design; procurement of solar modules; balance-of-system components and other components; and construction contracting and management services.