ReneSola’s (SOL) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of ReneSola (NYSE:SOLGet Rating) in a report released on Thursday, reports.

Several other equities analysts have also recently commented on the stock. cut shares of ReneSola from a hold rating to a sell rating in a research report on Friday, June 17th. Raymond James reduced their price target on shares of ReneSola from $12.50 to $10.00 and set a strong-buy rating on the stock in a research report on Tuesday, July 12th. Finally, TheStreet raised shares of ReneSola from a d+ rating to a c- rating in a research report on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $10.67.

ReneSola Price Performance

NYSE:SOL opened at $5.10 on Thursday. The firm has a 50-day moving average of $5.74 and a two-hundred day moving average of $5.44. The stock has a market cap of $342.41 million, a P/E ratio of -127.50 and a beta of 2.20. ReneSola has a 1-year low of $3.46 and a 1-year high of $9.72.

ReneSola (NYSE:SOLGet Rating) last posted its quarterly earnings data on Wednesday, September 7th. The semiconductor company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). ReneSola had a negative net margin of 5.50% and a negative return on equity of 0.12%. During the same quarter in the previous year, the firm earned $0.10 earnings per share. As a group, equities analysts expect that ReneSola will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In other ReneSola news, CFO Shah Capital Management bought 106,499 shares of the business’s stock in a transaction on Monday, June 13th. The shares were purchased at an average price of $4.40 per share, with a total value of $468,595.60. Following the completion of the acquisition, the chief financial officer now directly owns 11,710,603 shares of the company’s stock, valued at approximately $51,526,653.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired 344,206 shares of company stock valued at $1,550,638 over the last quarter. Insiders own 18.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SOL. Covalis Capital LLP acquired a new position in shares of ReneSola during the fourth quarter valued at approximately $7,054,000. State Street Corp grew its position in ReneSola by 26.8% in the second quarter. State Street Corp now owns 3,620,045 shares of the semiconductor company’s stock worth $17,195,000 after buying an additional 765,933 shares during the last quarter. Renaissance Technologies LLC acquired a new position in ReneSola in the second quarter worth approximately $370,000. Krane Funds Advisors LLC acquired a new position in ReneSola in the first quarter worth approximately $444,000. Finally, Goldman Sachs Group Inc. acquired a new position in ReneSola in the first quarter worth approximately $325,000. Institutional investors and hedge funds own 38.66% of the company’s stock.

ReneSola Company Profile

(Get Rating)

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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