ReneSola Ltd (NYSE:SOL – Get Rating) was the target of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 1,280,000 shares, a decrease of 35.4% from the March 15th total of 1,980,000 shares. Based on an average trading volume of 1,190,000 shares, the days-to-cover ratio is currently 1.1 days.
Several institutional investors and hedge funds have recently bought and sold shares of SOL. Morgan Stanley lifted its holdings in shares of ReneSola by 262.2% in the 2nd quarter. Morgan Stanley now owns 313,360 shares of the semiconductor company’s stock valued at $2,851,000 after buying an additional 226,856 shares during the period. Raymond James & Associates acquired a new position in ReneSola during the third quarter worth $108,000. Raymond James Financial Services Advisors Inc. acquired a new position in ReneSola during the third quarter worth $114,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in ReneSola by 7.5% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 84,584 shares of the semiconductor company’s stock worth $556,000 after purchasing an additional 5,879 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in ReneSola by 143.2% during the third quarter. Deutsche Bank AG now owns 9,000 shares of the semiconductor company’s stock worth $59,000 after purchasing an additional 5,300 shares during the last quarter. 35.33% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently issued reports on SOL. HC Wainwright dropped their price target on ReneSola from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, March 24th. Zacks Investment Research upgraded ReneSola from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research note on Wednesday, March 2nd. StockNews.com began coverage on ReneSola in a research note on Thursday, March 31st. They set a “sell” rating on the stock. Roth Capital upgraded ReneSola from a “neutral” rating to a “buy” rating and raised their price target for the stock from $7.70 to $10.00 in a research note on Wednesday, January 5th. Finally, Raymond James upgraded ReneSola from an “outperform” rating to a “strong-buy” rating and set a $12.50 price target on the stock in a research note on Tuesday, January 4th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ReneSola currently has an average rating of “Buy” and an average price target of $10.38.
ReneSola (NYSE:SOL – Get Rating) last announced its earnings results on Wednesday, March 23rd. The semiconductor company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.09). ReneSola had a net margin of 8.61% and a return on equity of 2.67%. During the same period in the previous year, the company earned $0.18 earnings per share. As a group, equities analysts predict that ReneSola will post 0.11 earnings per share for the current fiscal year.
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.
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