Zacks Investment Research Upgrades ReneSola (NYSE:SOL) to Hold

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ReneSola (NYSE:SOL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm presently has a $1.50 price objective on the semiconductor company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 19.05% from the stock’s previous close.

According to Zacks, “ReneSola reported a wider-than-expected loss in first-quarter 2019 and revenues surpassed the Zacks Consensus Estimate. With the successful execution of its downstream strategy, it is currently expanding its business in the international markets of Vietnam, Canada, Poland, Hungary, France, Spain and Turkey. Its revenue growth prospects from the nation seems bleak, with the U.S. administration having imposed a tariff of 30% on the import of solar panels and modules. On the domestic front, the company believes the China rooftop solar market to be a significant space for its expansion. However, solar industry trends and market volatility along with unfavorable changes in supply and demand for solar power products throughout the value chain may pose potential threats to the business. Over the past year, its share price has underperformed its industry.”

Other analysts also recently issued research reports about the stock. Imperial Capital started coverage on shares of SUNDANCE ENERGY/S in a report on Thursday, May 2nd. They issued an “outperform” rating and a $6.00 target price for the company. Roth Capital reiterated a “neutral” rating on shares of ReneSola in a report on Thursday, June 27th. Finally, ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd.

SOL stock opened at $1.26 on Tuesday. The stock has a market cap of $47.76 million, a price-to-earnings ratio of 126.00 and a beta of 1.98. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.38. The firm’s 50 day moving average price is $1.28. ReneSola has a one year low of $1.15 and a one year high of $2.54.

ReneSola (NYSE:SOL) last released its quarterly earnings results on Thursday, June 27th. The semiconductor company reported ($0.14) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.03). The firm had revenue of $13.06 million for the quarter, compared to analysts’ expectations of $8.70 million. On average, sell-side analysts forecast that ReneSola will post 0.06 EPS for the current fiscal year.

About ReneSola

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It operates through three segments: solar power project development, EPC services, and electricity revenue generation. The company also develops community solar gardens; and sells projects rights. In addition, its engineering, and procurement and construction business includes engineering design, procurement of solar modules, balance-of-system and other components, and construction contracting and management services.

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