Raymond James Financial Inc. Takes Position in Emeren Group Ltd (NYSE:SOL)

Raymond James Financial Inc. bought a new position in shares of Emeren Group Ltd (NYSE:SOL) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 39,603 shares of the semiconductor company’s stock, valued at approximately $80,000. Raymond James Financial Inc. owned 0.08% of Emeren Group at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Apollon Wealth Management LLC raised its position in Emeren Group by 45.5% during the fourth quarter. Apollon Wealth Management LLC now owns 29,100 shares of the semiconductor company’s stock worth $59,000 after acquiring an additional 9,100 shares during the period. XTX Topco Ltd purchased a new stake in shares of Emeren Group during the third quarter worth about $88,000. Finally, Shah Capital Management increased its stake in shares of Emeren Group by 0.4% during the fourth quarter. Shah Capital Management now owns 18,818,236 shares of the semiconductor company’s stock worth $38,201,000 after purchasing an additional 69,374 shares in the last quarter. Hedge funds and other institutional investors own 44.08% of the company’s stock.

Emeren Group Trading Up 2.9 %

SOL opened at $1.40 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.34 and a quick ratio of 4.34. The company’s 50 day simple moving average is $1.58 and its two-hundred day simple moving average is $1.95. The firm has a market capitalization of $71.71 million, a price-to-earnings ratio of -10.76 and a beta of 1.75. Emeren Group Ltd has a 1-year low of $1.04 and a 1-year high of $3.00.

Emeren Group (NYSE:SOL) last announced its quarterly earnings data on Thursday, March 13th. The semiconductor company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.31). The company had revenue of $34.60 million for the quarter, compared to analysts’ expectations of $40.13 million. Emeren Group had a negative return on equity of 2.05% and a negative net margin of 7.14%. During the same quarter in the previous year, the business posted ($0.15) EPS. Analysts expect that Emeren Group Ltd will post 0.1 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on SOL shares. BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Emeren Group in a report on Monday, December 16th. StockNews.com lowered Emeren Group from a “hold” rating to a “sell” rating in a research note on Friday, March 14th. Roth Mkm dropped their price target on Emeren Group from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Monday, March 17th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Emeren Group in a report on Friday, March 14th. Four investment analysts have rated the stock with a sell rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.13.

About Emeren Group

Emeren Group Ltd, together with its subsidiaries, develops, builds, and sells solar power projects. It owns and operates 3-gigawatt pipeline of projects and independent power producer assets, as well as a 10-gigawatt pipeline of storage pipeline. The company develops community solar gardens; and sells project rights.