ReneSola (NYSE:SOL) Coverage Initiated by Analysts at Northland Securities

Northland Securities assumed coverage on shares of ReneSola (NYSE:SOLGet 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. 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.

ReneSola (NYSE:SOLGet Rating) last issued its earnings results on Wednesday, September 7th. The semiconductor company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). ReneSola had a negative return on equity of 0.12% and a negative net margin of 5.50%. During the same period last year, the company earned $0.10 earnings per share. As a group, analysts predict that ReneSola will post 0.1 earnings per share for the current fiscal year.

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.

About ReneSola

(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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