$3.93 Million in Sales Expected for ReneSola Ltd (NYSE:SOL) This Quarter

Equities analysts expect ReneSola Ltd (NYSE:SOLGet Rating) to announce $3.93 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for ReneSola’s earnings, with the highest sales estimate coming in at $5.00 million and the lowest estimate coming in at $3.40 million. ReneSola posted sales of $22.78 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 82.7%. The firm is expected to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that ReneSola will report full-year sales of $111.13 million for the current fiscal year, with estimates ranging from $108.00 million to $115.40 million. For the next year, analysts anticipate that the firm will report sales of $135.52 million, with estimates ranging from $125.20 million to $143.35 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover ReneSola.

ReneSola (NYSE:SOLGet Rating) last posted its earnings results on Wednesday, March 23rd. The semiconductor company reported ($0.03) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.09). ReneSola had a return on equity of 2.67% and a net margin of 8.61%. During the same period in the prior year, the business earned $0.18 EPS.

SOL has been the topic of a number of research reports. StockNews.com initiated coverage on ReneSola in a report on Thursday, March 31st. They issued a “sell” rating on the stock. Raymond James upgraded ReneSola from an “outperform” rating to a “strong-buy” rating and set a $12.50 target price on the stock in a report on Tuesday, January 4th. HC Wainwright dropped their target price on ReneSola from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, March 24th. Roth Capital upgraded ReneSola from a “neutral” rating to a “buy” rating and upped their target price for the stock from $7.70 to $10.00 in a report on Wednesday, January 5th. Finally, Zacks Investment Research upgraded ReneSola from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a report on Wednesday, March 2nd. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $10.38.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vident Investment Advisory LLC acquired a new position in ReneSola during the third quarter worth approximately $130,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of ReneSola in the third quarter valued at approximately $114,000. Raymond James & Associates acquired a new position in shares of ReneSola in the third quarter valued at approximately $108,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of ReneSola by 7.5% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 84,584 shares of the semiconductor company’s stock valued at $556,000 after purchasing an additional 5,879 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd grew its position in shares of ReneSola by 101.7% in the third quarter. MARSHALL WACE ASIA Ltd now owns 662,804 shares of the semiconductor company’s stock valued at $4,355,000 after purchasing an additional 334,156 shares during the last quarter. 35.33% of the stock is currently owned by hedge funds and other institutional investors.

Shares of ReneSola stock traded up $0.15 during trading on Friday, reaching $5.58. The stock had a trading volume of 10,351 shares, compared to its average volume of 1,290,766. The company has a market capitalization of $389.21 million, a price-to-earnings ratio of 54.30 and a beta of 2.28. The stock has a fifty day moving average price of $5.93 and a two-hundred day moving average price of $6.48. ReneSola has a 52 week low of $4.53 and a 52 week high of $10.70. The company has a current ratio of 9.39, a quick ratio of 9.66 and a debt-to-equity ratio of 0.07.

ReneSola Company Profile (Get Rating)

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects in the United States and Europe. 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.

Featured Articles

Get a free copy of the Zacks research report on ReneSola (SOL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for ReneSola Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ReneSola and related companies with MarketBeat.com's FREE daily email newsletter.