Emeren Group’s (SOL) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Emeren Group (NYSE:SOL) in a research report released on Friday morning,Benzinga reports. The brokerage currently has a $7.00 price objective on the semiconductor company’s stock.

Other research analysts have also issued research reports about the stock. StockNews.com upgraded shares of Emeren Group from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. BWS Financial reaffirmed a “sell” rating and set a $6.00 price objective on shares of Emeren Group in a report on Monday, December 16th. Four equities research analysts have rated the stock with a sell rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.38.

Emeren Group Price Performance

NYSE SOL opened at $1.19 on Friday. The company has a 50-day moving average price of $1.77 and a two-hundred day moving average price of $2.04. The company has a current ratio of 4.34, a quick ratio of 4.34 and a debt-to-equity ratio of 0.10. The stock has a market cap of $60.74 million, a price-to-earnings ratio of -9.12 and a beta of 1.70. Emeren Group has a 52 week low of $1.04 and a 52 week high of $3.00.

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

Institutional Investors Weigh In On Emeren Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOL. Shah Capital Management grew its position in shares of Emeren Group by 0.4% during the 4th quarter. Shah Capital Management now owns 18,818,236 shares of the semiconductor company’s stock worth $38,201,000 after buying an additional 69,374 shares during the period. Monaco Asset Management SAM boosted its stake 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. Invesco Ltd. boosted its stake in Emeren Group by 26.5% during the 4th 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 last quarter. Raymond James Financial Inc. bought a new position in Emeren Group during the 4th quarter worth approximately $80,000. Finally, XTX Topco Ltd bought a new position in Emeren Group during the 3rd quarter worth approximately $88,000. Institutional investors and hedge funds own 44.08% of the company’s stock.

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.