Emeren Group (NYSE:SOL) Stock Crosses Above 200 Day Moving Average – What’s Next?

Shares of Emeren Group Ltd. Sponsored ADR (NYSE:SOL) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.68 and traded as high as $1.85. Emeren Group shares last traded at $1.78, with a volume of 268,882 shares trading hands.

Analyst Upgrades and Downgrades

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

Emeren Group Price Performance

The firm has a market cap of $91.09 million, a PE ratio of -17.75 and a beta of 2.19. The firm’s fifty day simple moving average is $1.53 and its two-hundred day simple moving average is $1.68. The company has a quick ratio of 4.03, a current ratio of 4.03 and a debt-to-equity ratio of 0.11.

Institutional Trading of Emeren Group

Several institutional investors and hedge funds have recently modified their holdings of SOL. Virtu Financial LLC bought a new position in Emeren Group in the 1st quarter worth $47,000. Raymond James Financial Inc. purchased a new position in shares of Emeren Group in the fourth quarter valued at about $80,000. Invesco Ltd. boosted its stake in shares of Emeren Group by 26.5% in the fourth quarter. Invesco Ltd. now owns 792,148 shares of the semiconductor company’s stock worth $1,608,000 after acquiring an additional 165,902 shares during the period. Finally, Monaco Asset Management SAM grew its position in shares of Emeren Group by 8.5% during the first quarter. Monaco Asset Management SAM now owns 2,005,152 shares of the semiconductor company’s stock worth $3,148,000 after purchasing an additional 157,388 shares in the last quarter. 44.08% of the stock is currently owned by institutional investors.

Emeren Group Company Profile

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.