abrdn plc Invests $64,000 in ReneSola Ltd (NYSE:SOL)

abrdn plc bought a new position in shares of ReneSola Ltd (NYSE:SOLGet Rating) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 10,767 shares of the semiconductor company’s stock, valued at approximately $64,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SOL. Veriti Management LLC acquired a new stake in ReneSola during the 1st quarter worth approximately $130,000. Pictet Asset Management SA acquired a new stake in ReneSola during the 4th quarter worth approximately $329,000. Harel Insurance Investments & Financial Services Ltd. increased its position in ReneSola by 24.2% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 131,795 shares of the semiconductor company’s stock worth $783,000 after purchasing an additional 25,642 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in ReneSola by 59.9% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 135,274 shares of the semiconductor company’s stock worth $832,000 after purchasing an additional 50,690 shares in the last quarter. Finally, First Trust Advisors LP increased its position in ReneSola by 15.4% during the 4th quarter. First Trust Advisors LP now owns 407,878 shares of the semiconductor company’s stock worth $2,431,000 after purchasing an additional 54,436 shares in the last quarter. Institutional investors and hedge funds own 39.19% of the company’s stock.

ReneSola Price Performance

Shares of SOL opened at $6.54 on Thursday. The business’s fifty day moving average price is $4.97 and its 200 day moving average price is $5.30. ReneSola Ltd has a 12-month low of $3.46 and a 12-month high of $9.72. The stock has a market capitalization of $439.06 million, a PE ratio of 109.00 and a beta of 2.21.

ReneSola (NYSE:SOLGet Rating) last announced its quarterly earnings data on Tuesday, June 7th. The semiconductor company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.04. ReneSola had a return on equity of 1.67% and a net margin of 7.29%. The firm had revenue of $3.51 million for the quarter, compared to analysts’ expectations of $3.93 million. During the same period last year, the business posted $0.05 earnings per share. As a group, research analysts anticipate that ReneSola Ltd will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Raymond James dropped their target price on shares of ReneSola from $12.50 to $10.00 and set a “strong-buy” rating for the company in a research report on Tuesday, July 12th. StockNews.com downgraded shares of ReneSola from a “hold” rating to a “sell” rating in a research report on Friday, June 17th. One equities research analyst has rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $10.67.

Insider Buying and Selling

In other news, CFO Shah Capital Management acquired 145,000 shares of ReneSola stock in a transaction that occurred on Tuesday, June 21st. The shares were purchased at an average cost of $4.63 per share, for a total transaction of $671,350.00. Following the completion of the purchase, the chief financial officer now directly owns 12,164,611 shares of the company’s stock, valued at approximately $56,322,148.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have bought 344,206 shares of company stock worth $1,550,638 over the last ninety days.

ReneSola Profile

(Get Rating)

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects in the United States, Canada, Europe, and internationally. It operates through three segments: Solar Power Project Development, EPC Services, and Electricity Generation Revenue. The company also develops community solar gardens; and sells project rights.

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Institutional Ownership by Quarter for ReneSola (NYSE:SOL)

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