Emeren Group Ltd (NYSE:SOL – Free Report) – Equities researchers at HC Wainwright boosted their Q4 2023 earnings per share estimates for Emeren Group in a research note issued on Friday, September 1st. HC Wainwright analyst A. Dayal now forecasts that the semiconductor company will post earnings of $0.23 per share for the quarter, up from their prior forecast of $0.19. HC Wainwright currently has a “Buy” rating and a $10.00 target price on the stock. The consensus estimate for Emeren Group’s current full-year earnings is $0.41 per share. HC Wainwright also issued estimates for Emeren Group’s FY2024 earnings at $0.51 EPS.
A number of other research analysts have also commented on SOL. StockNews.com lowered Emeren Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. Northland Securities cut their price objective on Emeren Group from $9.50 to $6.00 and set an “outperform” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Emeren Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.33.
Emeren Group Stock Performance
Shares of NYSE SOL opened at $3.28 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 4.83. The company has a market capitalization of $197.54 million, a P/E ratio of 27.33 and a beta of 2.03. The business’s 50-day moving average price is $3.65 and its two-hundred day moving average price is $3.91. Emeren Group has a one year low of $3.06 and a one year high of $6.32.
Insiders Place Their Bets
In other Emeren Group news, CFO Shah Capital Management purchased 32,577 shares of the firm’s stock in a transaction on Friday, June 23rd. The stock was purchased at an average cost of $3.66 per share, for a total transaction of $119,231.82. Following the acquisition, the chief financial officer now owns 16,471,803 shares in the company, valued at approximately $60,286,798.98. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders acquired 486,925 shares of company stock worth $1,738,158 over the last three months. Insiders own 18.02% of the company’s stock.
Hedge Funds Weigh In On Emeren Group
A number of hedge funds have recently added to or reduced their stakes in the stock. National Wealth Management Group LLC purchased a new position in Emeren Group in the 2nd quarter valued at approximately $37,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Emeren Group during the 2nd quarter valued at $41,000. First Trust Direct Indexing L.P. purchased a new position in Emeren Group in the second quarter worth $43,000. PFG Investments LLC purchased a new position in Emeren Group in the first quarter worth $45,000. Finally, Alliancebernstein L.P. purchased a new position in Emeren Group in the third quarter worth $55,000. Institutional investors and hedge funds own 74.86% of the company’s stock.
About Emeren Group
Emeren Group Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It owns and operates 3 gigawatt pipeline of projects and independent power producer assets. The company also develops community solar gardens; and sells project rights. In addition, it engages in engineering design; procurement of solar modules; balance-of-system components and other components; and construction contracting and management services.
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