Emeren Group (NYSE:SOL) Shares Pass Above Two Hundred Day Moving Average – Should You Sell?

Shares of Emeren Group Ltd (NYSE:SOL) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.90 and traded as high as $2.71. Emeren Group shares last traded at $2.70, with a volume of 105,976 shares changing hands.

Analysts Set New Price Targets

Several research analysts have issued reports on SOL shares. StockNews.com upgraded Emeren Group from a “sell” rating to a “hold” rating in a research report on Thursday, October 3rd. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Emeren Group in a research note on Wednesday, August 21st. Finally, Roth Mkm reissued a “buy” rating and issued a $3.00 price objective on shares of Emeren Group in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $3.83.

Emeren Group Stock Down 1.1 %

The stock has a market cap of $136.86 million, a P/E ratio of -6.85 and a beta of 1.71. The stock’s 50-day moving average is $2.09 and its 200-day moving average is $1.90. The company has a current ratio of 4.27, a quick ratio of 4.27 and a debt-to-equity ratio of 0.07.

Emeren Group (NYSE:SOL) last issued its earnings results on Tuesday, August 20th. The semiconductor company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.06). Emeren Group had a negative return on equity of 3.15% and a negative net margin of 20.91%. The business had revenue of $30.06 million during the quarter, compared to analyst estimates of $21.10 million. During the same period last year, the business earned $0.14 EPS. As a group, research analysts anticipate that Emeren Group Ltd will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Emeren Group news, Chairman Shah Capital Management acquired 26,843 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of $1.83 per share, for a total transaction of $49,122.69. Following the purchase, the chairman now owns 18,655,151 shares in the company, valued at $34,138,926.33. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 37.31% of the company’s stock.

Hedge Funds Weigh In On Emeren Group

Several hedge funds have recently added to or reduced their stakes in SOL. Mercer Global Advisors Inc. ADV raised its holdings in shares of Emeren Group by 160.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 47,809 shares of the semiconductor company’s stock valued at $72,000 after purchasing an additional 29,484 shares during the last quarter. GSA Capital Partners LLP boosted its stake in shares of Emeren Group by 9.7% during the 1st quarter. GSA Capital Partners LLP now owns 747,448 shares of the semiconductor company’s stock worth $1,443,000 after acquiring an additional 66,284 shares during the period. Finally, Monaco Asset Management SAM boosted its stake in Emeren Group by 40.6% in the 1st quarter. Monaco Asset Management SAM now owns 1,170,000 shares of the semiconductor company’s stock valued at $2,258,000 after purchasing an additional 337,650 shares during the period. Institutional investors own 44.08% of the company’s stock.

Emeren Group Company Profile

Emeren Group Ltd, together with its subsidiaries, develops, builds, and sells solar power projects. It owns and operates 3-gigawatt pipeline of projects and independent power producer assets, as well as a 10-gigawatt pipeline of storage pipeline. The company develops community solar gardens; and sells project rights.