ReneSola (NYSE:SOL) Cut to “Sell” at StockNews.com

StockNews.com cut shares of ReneSola (NYSE:SOLGet Rating) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

Separately, HC Wainwright cut their target price on shares of ReneSola from $15.00 to $12.00 and set a buy rating for the company in a research report on Thursday, March 24th. One research analyst has rated the stock with a sell rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ReneSola presently has an average rating of Buy and an average target price of $11.50.

Shares of NYSE:SOL opened at $4.89 on Friday. ReneSola has a 1 year low of $3.46 and a 1 year high of $10.00. The company has a market cap of $328.29 million, a P/E ratio of 81.50 and a beta of 2.27. The stock’s fifty day moving average price is $4.79 and its 200-day moving average price is $5.52.

ReneSola (NYSE:SOLGet Rating) last posted its earnings results on Tuesday, June 7th. The semiconductor company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. ReneSola had a net margin of 7.29% and a return on equity of 1.67%. During the same quarter in the previous year, the company posted $0.05 EPS. On average, sell-side analysts expect that ReneSola will post 0.13 EPS for the current year.

In other ReneSola news, CFO Shah Capital Management acquired 106,499 shares of the stock in a transaction dated Monday, June 13th. The shares were purchased at an average price of $4.40 per share, for a total transaction of $468,595.60. Following the purchase, the chief financial officer now directly owns 11,710,603 shares of the company’s stock, valued at $51,526,653.20. The acquisition was disclosed in a filing with the SEC, which is available at this link.

Large investors have recently bought and sold shares of the company. abrdn plc bought a new position in ReneSola in the 1st quarter worth $64,000. Envestnet Asset Management Inc. purchased a new stake in ReneSola in the first quarter worth about $64,000. Verition Fund Management LLC bought a new position in shares of ReneSola in the first quarter worth about $67,000. Goldman Sachs Group Inc. purchased a new position in shares of ReneSola during the 3rd quarter valued at about $96,000. Finally, Cetera Advisors LLC grew its stake in shares of ReneSola by 9.1% during the 3rd quarter. Cetera Advisors LLC now owns 15,773 shares of the semiconductor company’s stock valued at $104,000 after acquiring an additional 1,310 shares during the period. Hedge funds and other institutional investors own 39.19% of the company’s stock.

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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