Northland Securities assumed coverage on shares of ReneSola (NYSE:SOL – Get Rating) in a research note issued to investors on Tuesday morning, Marketbeat reports. The firm issued an outperform rating and a $8.00 price objective on the semiconductor company’s stock.
SOL has been the topic of several other research reports. Raymond James decreased their price target on ReneSola from $12.50 to $10.00 and set a strong-buy rating on the stock in a research note on Tuesday, July 12th. StockNews.com lowered shares of ReneSola from a hold rating to a sell rating in a research note on Friday, June 17th. HC Wainwright reissued a buy rating on shares of ReneSola in a research note on Thursday, September 8th. Finally, TheStreet raised shares of ReneSola from a d+ rating to a c- rating in a research report on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $10.00.
ReneSola Stock Performance
NYSE:SOL opened at $5.63 on Tuesday. ReneSola has a one year low of $3.46 and a one year high of $9.72. The stock has a market cap of $377.97 million, a PE ratio of -140.75 and a beta of 2.20. The stock has a 50 day moving average price of $5.79 and a 200 day moving average price of $5.44.
Insider Transactions at ReneSola
In other ReneSola news, CFO Shah Capital Management bought 92,707 shares of the business’s stock in a transaction that occurred on Wednesday, June 29th. The shares were purchased at an average cost of $4.43 per share, with a total value of $410,692.01. Following the purchase, the chief financial officer now directly owns 12,749,559 shares in the company, valued at $56,480,546.37. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 18.02% of the company’s stock.
Hedge Funds Weigh In On ReneSola
Several institutional investors have recently modified their holdings of SOL. Physicians Financial Services Inc. purchased a new position in ReneSola in the second quarter valued at $57,000. abrdn plc purchased a new position in shares of ReneSola in the 1st quarter valued at about $64,000. Envestnet Asset Management Inc. acquired a new position in shares of ReneSola during the first quarter worth about $64,000. Verition Fund Management LLC acquired a new position in shares of ReneSola during the first quarter worth about $67,000. Finally, Cetera Advisors LLC increased its stake in shares of ReneSola by 27.0% during the first quarter. Cetera Advisors LLC now owns 16,940 shares of the semiconductor company’s stock worth $98,000 after buying an additional 3,600 shares during the period. Institutional investors and hedge funds own 38.66% of the company’s stock.
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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