ReneSola Ltd. (NYSE:SOL) has been assigned a consensus broker rating score of 5.00 (Strong Sell) from the one analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong sell recommendation. ReneSola’s rating score has declined by 66.7% from three months ago as a result of a number of analysts’ upgrades and downgrades.
Brokerages have set a 1-year consensus target price of $1.00 for the company and are forecasting that the company will post ($0.16) earnings per share for the current quarter, according to Zacks. Zacks has also assigned ReneSola an industry rank of 156 out of 265 based on the ratings given to its competitors.
A number of research firms recently issued reports on SOL. Credit Suisse Group AG set a $1.00 target price on shares of ReneSola and gave the company a “sell” rating in a research report on Thursday, August 18th. Zacks Investment Research downgraded shares of ReneSola from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. TheStreet downgraded shares of ReneSola from a “hold” rating to a “sell” rating in a research report on Wednesday, August 24th. Finally, Roth Capital downgraded shares of ReneSola from a “hold” rating to a “sell” rating in a research report on Friday, August 5th.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC boosted its position in ReneSola by 5.2% in the second quarter. Acadian Asset Management LLC now owns 3,259,695 shares of the company’s stock worth $4,044,000 after buying an additional 162,171 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in ReneSola during the first quarter worth $178,000. Renaissance Technologies LLC boosted its position in ReneSola by 45.5% in the first quarter. Renaissance Technologies LLC now owns 1,641,500 shares of the company’s stock worth $2,364,000 after buying an additional 512,936 shares during the last quarter. KCG Holdings Inc. boosted its position in ReneSola by 164.5% in the second quarter. KCG Holdings Inc. now owns 89,877 shares of the company’s stock worth $111,000 after buying an additional 55,897 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in ReneSola during the second quarter worth $197,000. 12.21% of the stock is owned by institutional investors.
Shares of ReneSola (NYSE:SOL) opened at 1.01 on Monday. ReneSola has a 12 month low of $0.95 and a 12 month high of $1.95. The company’s 50 day moving average price is $1.11 and its 200-day moving average price is $1.26. The stock has a market capitalization of $102.01 million, a P/E ratio of 3.87 and a beta of 3.26.
ReneSola (NYSE:SOL) last posted its quarterly earnings data on Wednesday, August 24th. The company reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.01. ReneSola had a net margin of 2.26% and a return on equity of 23.61%. The business earned $250 million during the quarter, compared to the consensus estimate of $284.39 million. During the same period in the previous year, the firm posted ($0.02) earnings per share. The business’s revenue for the quarter was down 6.9% compared to the same quarter last year. Equities analysts predict that ReneSola will post ($0.17) earnings per share for the current year.
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.
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