Emeren Group (NYSE:SOL) Lowered to Strong Sell at Northland Capmk

Emeren Group (NYSE:SOL) was downgraded by investment analysts at Northland Capmk from a “hold” rating to a “strong sell” rating in a report released on Friday, Zacks.com reports. Northland Capmk also issued estimates for Emeren Group’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.08 EPS and FY2024 earnings at $0.16 EPS.

Several other research firms also recently commented on SOL. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Emeren Group in a report on Friday. Northland Securities downgraded shares of Emeren Group from a “market perform” rating to an “under perform” rating and set a $1.50 price objective for the company. in a research note on Friday. Finally, StockNews.com raised shares of Emeren Group to a “sell” rating in a research report on Friday. Three research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.38.

Emeren Group Stock Performance

NYSE SOL opened at $1.95 on Friday. Emeren Group has a 52-week low of $1.54 and a 52-week high of $4.28. The company has a fifty day moving average of $1.94 and a 200-day moving average of $2.16. The company has a market capitalization of $117.43 million, a P/E ratio of -7.50 and a beta of 1.80. The company has a debt-to-equity ratio of 0.06, a quick ratio of 5.40 and a current ratio of 5.40.

Emeren Group (NYSE:SOL) last issued its quarterly earnings results on Thursday, March 28th. The semiconductor company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.06). The firm had revenue of $44.00 million for the quarter, compared to the consensus estimate of $39.22 million. Emeren Group had a negative return on equity of 0.88% and a negative net margin of 12.70%. As a group, equities research analysts predict that Emeren Group will post 0.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Aigen Investment Management LP lifted its position in Emeren Group by 74.1% during the third quarter. Aigen Investment Management LP now owns 19,737 shares of the semiconductor company’s stock valued at $61,000 after purchasing an additional 8,401 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Emeren Group during the 3rd quarter valued at approximately $36,000. Janney Montgomery Scott LLC purchased a new position in shares of Emeren Group during the 3rd quarter valued at $44,000. Quadrature Capital Ltd lifted its holdings in Emeren Group by 42.0% in the 3rd quarter. Quadrature Capital Ltd now owns 59,685 shares of the semiconductor company’s stock worth $184,000 after purchasing an additional 17,659 shares in the last quarter. Finally, Alpine Global Management LLC purchased a new stake in shares of Emeren Group in the third quarter worth about $62,000. Hedge funds and other institutional investors own 44.08% of the company’s stock.

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.