Renesola Ltd. (SOL) received a “neutral” reiteration today from securities research analysts at investment firm Collins Stewart. The firm also cut their performance outlook on SOL and adjusted their price target from $6.50 to $3.60 dollars. Collins noted that their target cut is due to recent guidance issued by the company which is now at $235 to $245 million or revenue, down from a previous guidance outlook of $280 to $300 million dollars of potential revenue. Lastly, Collins does not find the wafer segment attractive to investors at the moment and mentions it is a commodity under pressure.
Shares of SOL rose today after reaching a 52-week low yesterday which investors observed hitting $4.20 dollars. A slight gain was realize today, however, SOL was still unable to break above the 10-day simple moving average. Overall market sentiment underlying shares of SOL is still to the downside. SOL remains under bearish pressure and has been since breaking below support of the $8.08 price level on April 28th, 2011.
Renesola is slated to release their next earnings report on August 9th, 2011 and is estimated to post EPS of 30 cents. Their last earnings report was released on April 28th, 2011, and announced EPS of 50 cents with revenue totaling $328 million which was up 58.8% year to year. SOL is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.
ReneSola Ltd. is a manufacturer of solar wafers and producer of solar power products based in China. They possess a global network of suppliers and customers that include some of the global manufacturers of solar cells and modules. The company has market capitalization of $418,676,830 and 87,043,000 shares outstanding. SOL has a 52-week high of $15.34 with the low being $4.20 dollars.