Short Interest in ReneSola Ltd (NYSE:SOL) Rises By 89.3%

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ReneSola Ltd (NYSE:SOL) saw a significant increase in short interest in December. As of December 31st, there was short interest totalling 1,370,000 shares, an increase of 89.3% from the December 15th total of 723,900 shares. Based on an average daily volume of 3,310,000 shares, the days-to-cover ratio is presently 0.4 days.

A number of equities research analysts recently weighed in on SOL shares. BidaskClub raised ReneSola from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 23rd. ValuEngine cut ReneSola from a “hold” rating to a “sell” rating in a research note on Wednesday, November 11th. TheStreet upgraded ReneSola from a “d+” rating to a “c-” rating in a research note on Monday, October 19th. Finally, HC Wainwright increased their price target on ReneSola from $4.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, December 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $6.88.

In related news, CFO Shah Capital Management sold 360,427 shares of the firm’s stock in a transaction dated Wednesday, December 30th. The stock was sold at an average price of $12.68, for a total transaction of $4,570,214.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 2,873,712 shares of company stock worth $29,895,848.

A hedge fund recently bought a new stake in ReneSola stock. Acadian Asset Management LLC acquired a new position in ReneSola Ltd (NYSE:SOL) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 20,771 shares of the semiconductor company’s stock, valued at approximately $43,000. Acadian Asset Management LLC owned about 0.05% of ReneSola as of its most recent SEC filing. Institutional investors and hedge funds own 39.25% of the company’s stock.

ReneSola stock opened at $22.27 on Thursday. The stock has a 50-day moving average of $10.30 and a two-hundred day moving average of $4.41. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 0.90. ReneSola has a one year low of $0.85 and a one year high of $24.38. The stock has a market cap of $848.26 million, a PE ratio of -111.34 and a beta of 1.57.

ReneSola (NYSE:SOL) last released its quarterly earnings results on Monday, November 30th. The semiconductor company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. ReneSola had a positive return on equity of 9.44% and a negative net margin of 7.07%. During the same period in the previous year, the firm earned $0.06 earnings per share. As a group, sell-side analysts predict that ReneSola will post 0.07 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 Generation Revenue. 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 components and other components, and construction contracting and management services.

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