ReneSola (NYSE:SOL) Releases Earnings Results, Misses Estimates By $0.03 EPS

ReneSola (NYSE:SOLGet Rating) issued its quarterly earnings data on Wednesday. The semiconductor company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03), Fidelity Earnings reports. ReneSola had a negative return on equity of 0.12% and a negative net margin of 5.50%. During the same quarter in the previous year, the company posted $0.10 earnings per share.

ReneSola Trading Down 6.1 %

ReneSola stock opened at $5.10 on Friday. The stock has a market cap of $342.41 million, a PE ratio of -127.50 and a beta of 2.20. The stock has a 50-day moving average price of $5.74 and a 200 day moving average price of $5.44. ReneSola has a 52 week low of $3.46 and a 52 week high of $9.72.

Insider Buying and Selling at ReneSola

In other news, CFO Shah Capital Management acquired 145,000 shares of ReneSola stock in a transaction dated Tuesday, June 21st. The shares were acquired at an average cost of $4.63 per share, with a total value of $671,350.00. Following the purchase, the chief financial officer now directly owns 12,164,611 shares of the company’s stock, valued at approximately $56,322,148.93. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired 344,206 shares of company stock worth $1,550,638 in the last 90 days. 18.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On ReneSola

A number of institutional investors have recently made changes to their positions in SOL. State Street Corp increased its holdings in shares of ReneSola by 26.8% in the 2nd quarter. State Street Corp now owns 3,620,045 shares of the semiconductor company’s stock valued at $17,195,000 after acquiring an additional 765,933 shares during the last quarter. Credit Suisse AG grew its stake in shares of ReneSola by 67.5% in the second quarter. Credit Suisse AG now owns 111,413 shares of the semiconductor company’s stock worth $529,000 after purchasing an additional 44,901 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of ReneSola in the second quarter valued at $370,000. UBS Asset Management Americas Inc. lifted its holdings in shares of ReneSola by 397.3% in the second quarter. UBS Asset Management Americas Inc. now owns 56,200 shares of the semiconductor company’s stock valued at $267,000 after buying an additional 44,900 shares during the period. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of ReneSola in the first quarter valued at $325,000. 38.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com cut shares of ReneSola from a “hold” rating to a “sell” rating in a research note on Friday, June 17th. Raymond James dropped their target price on shares of ReneSola from $12.50 to $10.00 and set a “strong-buy” rating for the company in a report on Tuesday, July 12th. HC Wainwright reissued a “buy” rating on shares of ReneSola in a research report on Thursday. Finally, TheStreet raised shares of ReneSola from a “d+” rating to a “c-” rating in a research report on Thursday, August 18th. One analyst has rated the stock with a sell rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ReneSola presently has an average rating of “Moderate Buy” and an average target price of $10.67.

About ReneSola

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ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects in the United States, Canada, Europe, and internationally. It operates through three segments: Solar Power Project Development, EPC Services, and Electricity Generation Revenue. The company also develops community solar gardens; and sells project rights.

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Earnings History for ReneSola (NYSE:SOL)

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