Emeren Group (NYSE:SOL) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Emeren Group (NYSE:SOL) from a hold rating to a sell rating in a report issued on Wednesday.

Other equities research analysts have also issued research reports about the stock. Roth Mkm restated a “buy” rating and set a $3.00 price target on shares of Emeren Group in a report on Wednesday, August 21st. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Emeren Group in a report on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Emeren Group has an average rating of “Hold” and an average target price of $3.83.

Emeren Group Stock Performance

SOL opened at $1.91 on Wednesday. The company has a quick ratio of 4.27, a current ratio of 4.27 and a debt-to-equity ratio of 0.07. The firm has a market cap of $97.90 million, a PE ratio of -14.69 and a beta of 1.73. The business has a fifty day simple moving average of $2.42 and a 200-day simple moving average of $1.97. Emeren Group has a fifty-two week low of $1.41 and a fifty-two week high of $3.00.

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

Insider Buying and Selling

In related news, Chairman Shah Capital Management bought 26,843 shares of the business’s stock in a transaction on 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 transaction, the chairman now directly owns 18,655,151 shares in the company, valued at $34,138,926.33. This represents a 0.14 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 37.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Emeren Group

Hedge funds have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV increased its holdings in 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 worth $72,000 after buying an additional 29,484 shares during the last quarter. Long Run Wealth Advisors LLC bought a new stake in Emeren Group in the third quarter worth approximately $28,000. Finally, XTX Topco Ltd acquired a new position in shares of Emeren Group during the 3rd quarter worth $88,000. 44.08% of the stock is owned by institutional investors and hedge funds.

About Emeren Group

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.