ReneSola (NYSE:SOL) Upgraded at StockNews.com

ReneSola (NYSE:SOLGet Rating) was upgraded by StockNews.com to a “sell” rating in a research report issued on Wednesday.

Several other equities research analysts have also weighed in on SOL. HC Wainwright dropped their target price on ReneSola from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, March 24th. Zacks Investment Research upgraded ReneSola from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a research report on Wednesday, March 2nd. Raymond James raised ReneSola from an “outperform” rating to a “strong-buy” rating and set a $12.50 price objective for the company in a research note on Tuesday, January 4th. Finally, Roth Capital raised ReneSola from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $7.70 to $10.00 in a research note on Wednesday, January 5th. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $10.38.

Shares of SOL opened at $5.63 on Wednesday. The business’s 50 day moving average is $5.96 and its two-hundred day moving average is $6.44. ReneSola has a 52-week low of $4.53 and a 52-week high of $10.70. The firm has a market cap of $392.68 million, a price-to-earnings ratio of 56.30 and a beta of 2.28. The company has a quick ratio of 9.66, a current ratio of 9.39 and a debt-to-equity ratio of 0.07.

ReneSola (NYSE:SOLGet Rating) last announced its earnings results on Wednesday, March 23rd. The semiconductor company reported ($0.03) earnings per share (EPS) for the quarter, missing the Zacks’ 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 last year, the business earned $0.18 earnings per share. On average, equities analysts expect that ReneSola will post 0.11 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of SOL. State Street Corp increased its holdings in shares of ReneSola by 89.1% during the 4th quarter. State Street Corp now owns 3,097,296 shares of the semiconductor company’s stock valued at $18,460,000 after acquiring an additional 1,459,644 shares during the last quarter. Covalis Capital LLP acquired a new position in shares of ReneSola during the 4th quarter valued at about $7,054,000. Marshall Wace LLP increased its holdings in shares of ReneSola by 434.0% during the 4th quarter. Marshall Wace LLP now owns 756,776 shares of the semiconductor company’s stock valued at $4,510,000 after acquiring an additional 615,065 shares during the last quarter. MARSHALL WACE ASIA Ltd increased its holdings in shares of ReneSola by 101.7% during the 3rd quarter. MARSHALL WACE ASIA Ltd now owns 662,804 shares of the semiconductor company’s stock valued at $4,355,000 after acquiring an additional 334,156 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of ReneSola by 64.2% during the 4th quarter. Millennium Management LLC now owns 628,973 shares of the semiconductor company’s stock valued at $3,749,000 after acquiring an additional 246,031 shares during the last quarter. 35.33% of the stock is currently owned by institutional investors and hedge funds.

About ReneSola (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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