Q2 2024 Earnings Forecast for Emeren Group Ltd Issued By HC Wainwright (NYSE:SOL)

Emeren Group Ltd (NYSE:SOL) – Stock analysts at HC Wainwright decreased their Q2 2024 earnings per share (EPS) estimates for shares of Emeren Group in a note issued to investors on Friday, May 24th. HC Wainwright analyst A. Dayal now anticipates that the semiconductor company will post earnings per share of $0.06 for the quarter, down from their prior estimate of $0.08. HC Wainwright has a “Buy” rating and a $7.00 price objective on the stock. The consensus estimate for Emeren Group’s current full-year earnings is $0.30 per share. HC Wainwright also issued estimates for Emeren Group’s Q4 2024 earnings at $0.25 EPS, FY2024 earnings at $0.34 EPS and FY2025 earnings at $0.54 EPS.

Emeren Group (NYSE:SOL) last released its earnings results on Thursday, March 28th. The semiconductor company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.06). Emeren Group had a negative return on equity of 0.88% and a negative net margin of 12.70%. The business had revenue of $44.00 million for the quarter, compared to analyst estimates of $39.22 million.

SOL has been the topic of several other reports. StockNews.com raised shares of Emeren Group to a “sell” rating in a research note on Friday. Northland Securities lowered shares of Emeren Group from a “market perform” rating to an “under perform” rating and set a $1.50 price objective on the stock. in a report on Friday. Finally, Northland Capmk downgraded Emeren Group from a “hold” rating to a “strong sell” rating in a research note on Friday. Three investment analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $5.38.

Emeren Group Stock Performance

Shares of SOL stock opened at $1.95 on Monday. The firm has a 50 day moving average of $1.94 and a 200-day moving average of $2.16. The company has a market cap of $117.43 million, a price-to-earnings ratio of -7.50 and a beta of 1.80. The company has a quick ratio of 5.40, a current ratio of 5.40 and a debt-to-equity ratio of 0.06. Emeren Group has a 52 week low of $1.54 and a 52 week high of $4.28.

Institutional Trading of Emeren Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. raised its stake in shares of Emeren Group by 39.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 111,425 shares of the semiconductor company’s stock worth $343,000 after purchasing an additional 31,660 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Emeren Group during the third quarter worth $36,000. Monaco Asset Management SAM raised its position in Emeren Group by 101.3% in the 3rd quarter. Monaco Asset Management SAM now owns 556,327 shares of the semiconductor company’s stock valued at $1,713,000 after buying an additional 280,000 shares during the last quarter. Janney Montgomery Scott LLC bought a new position in Emeren Group during the 3rd quarter valued at $44,000. Finally, Aigen Investment Management LP lifted its stake in Emeren Group by 74.1% during the 3rd quarter. Aigen Investment Management LP now owns 19,737 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 8,401 shares in the last quarter. Institutional investors own 44.08% of the company’s stock.

Emeren Group Company Profile

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.