Emeren Group (NYSE:SOL) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of Emeren Group Ltd (NYSE:SOL) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.69 and traded as high as $1.91. Emeren Group shares last traded at $1.85, with a volume of 482,108 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SOL shares. Wall Street Zen cut Emeren Group from a “hold” rating to a “sell” rating in a report on Friday, March 14th. Roth Mkm lowered their price target on shares of Emeren Group from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Emeren Group in a research report on Friday, March 14th.

Emeren Group Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.34 and a current ratio of 4.34. The company’s fifty day moving average is $1.47 and its two-hundred day moving average is $1.69. The firm has a market cap of $94.69 million, a price-to-earnings ratio of -14.19 and a beta of 2.19.

Emeren Group (NYSE:SOL) last issued its earnings results on Thursday, March 13th. The semiconductor company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.31). Emeren Group had a negative return on equity of 2.05% and a negative net margin of 7.14%. The company had revenue of $34.60 million during the quarter, compared to analyst estimates of $40.13 million. During the same period in the prior year, the business earned ($0.15) earnings per share. Equities research analysts forecast that Emeren Group Ltd will post 0.1 EPS for the current year.

Institutional Trading of Emeren Group

Several large investors have recently made changes to their positions in SOL. Apollon Wealth Management LLC increased 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. Virtu Financial LLC bought a new stake in Emeren Group in the first quarter valued at $47,000. Raymond James Financial Inc. acquired a new stake in shares of Emeren Group during the 4th quarter worth about $80,000. Invesco Ltd. grew its stake in Emeren Group by 26.5% during the fourth quarter. Invesco Ltd. now owns 792,148 shares of the semiconductor company’s stock worth $1,608,000 after buying an additional 165,902 shares during the last quarter. Finally, Monaco Asset Management SAM grew its position in Emeren Group by 35.7% during the 4th quarter. Monaco Asset Management SAM now owns 1,847,764 shares of the semiconductor company’s stock worth $3,751,000 after acquiring an additional 486,063 shares during the last quarter. Institutional investors own 44.08% of the company’s stock.

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.