Emeren Group Ltd (NYSE:SOL) Chairman Shah Capital Management Buys 34,493 Shares of Stock

Emeren Group Ltd (NYSE:SOL) Chairman Shah Capital Management purchased 34,493 shares of the stock in a transaction dated Wednesday, September 6th. The shares were acquired at an average price of $3.32 per share, with a total value of $114,516.76. Following the completion of the acquisition, the chairman now owns 16,587,296 shares in the company, valued at approximately $55,069,822.72. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Shah Capital Management also recently made the following trade(s):

• On Friday, September 8th, Shah Capital Management purchased 79,299 shares of Emeren Group stock. The shares were acquired at an average price of $3.14 per share, with a total value of $248,998.86.
• On Friday, September 1st, Shah Capital Management purchased 81,000 shares of Emeren Group stock. The shares were acquired at an average price of $3.20 per share, with a total value of $259,200.00.
• On Friday, June 23rd, Shah Capital Management purchased 32,577 shares of Emeren Group stock. The shares were acquired at an average price of $3.66 per share, with a total value of $119,231.82.

Emeren Group Price Performance

SOL stock opened at $3.27 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.48 and a quick ratio of 4.83. The firm has a market capitalization of $196.94 million, a P/E ratio of 12.58 and a beta of 2.06. The business’s 50-day moving average is $3.58 and its two-hundred day moving average is $3.85. Emeren Group Ltd has a 1 year low of $3.06 and a 1 year high of $6.32.

Analyst Ratings Changes

A number of brokerages recently commented on SOL. HC Wainwright lowered their target price on Emeren Group from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, September 1st. Northland Securities lowered their target price on Emeren Group from $9.50 to $6.00 and set an “outperform” rating for the company in a report on Friday, September 1st. Finally, StockNews.com upgraded Emeren Group from a “sell” rating to a “hold” rating in a report on Monday. One investment analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.33.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. National Wealth Management Group LLC purchased a new position in shares of Emeren Group in the 2nd quarter valued at approximately $37,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Emeren Group in the second quarter valued at approximately $41,000. First Trust Direct Indexing L.P. purchased a new stake in shares of Emeren Group in the second quarter valued at approximately $43,000. PFG Investments LLC acquired a new position in Emeren Group during the first quarter worth $45,000. Finally, Alliancebernstein L.P. acquired a new position in Emeren Group during the third quarter worth $55,000. Hedge funds and other institutional investors own 74.86% of the company’s stock.

Emeren Group Company Profile

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.