Emeren Group (NYSE:SOL) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Emeren Group Ltd. Sponsored ADR (NYSE:SOL)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $1.88 and traded as high as $1.94. Emeren Group shares last traded at $1.9440, with a volume of 609,385 shares.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Emeren Group from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Emeren Group in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $4.50.

Emeren Group Stock Up 0.7%

The company has a quick ratio of 4.28, a current ratio of 4.28 and a debt-to-equity ratio of 0.19. The business has a 50-day simple moving average of $1.87 and a 200-day simple moving average of $1.88. The company has a market cap of $99.77 million, a PE ratio of -10.80 and a beta of 1.07.

Institutional Investors Weigh In On Emeren Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC lifted its holdings in Emeren Group by 31.9% during the third quarter. Citadel Advisors LLC now owns 95,473 shares of the semiconductor company’s stock valued at $180,000 after purchasing an additional 23,101 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of Emeren Group by 67.9% during the 3rd quarter. GSA Capital Partners LLP now owns 214,437 shares of the semiconductor company’s stock worth $405,000 after purchasing an additional 86,720 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in Emeren Group by 2.9% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 213,681 shares of the semiconductor company’s stock valued at $404,000 after buying an additional 6,093 shares in the last quarter. Jane Street Group LLC acquired a new stake in Emeren Group in the 2nd quarter worth about $179,000. Finally, Skandinaviska Enskilda Banken AB publ purchased a new stake in Emeren Group during the 2nd quarter worth approximately $388,000. Hedge funds and other 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. In addition, it engages in engineering design; procurement of solar modules; balance-of-system components and other components; and construction contracting and management services. Further, the company generates and sells electricity.