Millennium Management LLC Reduces Stock Position in Emeren Group Ltd (NYSE:SOL)

Millennium Management LLC lessened its stake in Emeren Group Ltd (NYSE:SOL) by 24.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 116,442 shares of the semiconductor company’s stock after selling 38,617 shares during the quarter. Millennium Management LLC’s holdings in Emeren Group were worth $236,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Monaco Asset Management SAM raised its stake in shares of Emeren Group by 35.7% in the 4th quarter. Monaco Asset Management SAM now owns 1,847,764 shares of the semiconductor company’s stock valued at $3,751,000 after purchasing an additional 486,063 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Emeren Group in the 4th quarter valued at about $80,000. Apollon Wealth Management LLC raised its stake in shares of Emeren Group by 45.5% in the 4th quarter. Apollon Wealth Management LLC now owns 29,100 shares of the semiconductor company’s stock valued at $59,000 after purchasing an additional 9,100 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Emeren Group by 26.5% in the 4th quarter. Invesco Ltd. now owns 792,148 shares of the semiconductor company’s stock valued at $1,608,000 after purchasing an additional 165,902 shares in the last quarter. Institutional investors and hedge funds own 44.08% of the company’s stock.

Analyst Upgrades and Downgrades

SOL has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Emeren Group from a “hold” rating to a “sell” rating in a research note on Friday, March 14th. Roth Mkm cut their target price on shares of Emeren Group from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Monday, March 17th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Emeren Group in a research note on Friday, March 14th.

Emeren Group Price Performance

SOL opened at $1.80 on Thursday. The firm has a market cap of $92.12 million, a price-to-earnings ratio of -13.81 and a beta of 2.19. Emeren Group Ltd has a fifty-two week low of $1.04 and a fifty-two week high of $3.00. The company’s 50-day moving average price is $1.48 and its 200 day moving average price is $1.69. The company has a quick ratio of 4.34, a current ratio of 4.34 and a debt-to-equity ratio of 0.10.

Emeren Group (NYSE:SOL) last released its quarterly earnings data on Thursday, March 13th. The semiconductor company reported ($0.23) earnings per share 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 return on equity of 2.05% and a negative net margin of 7.14%. During the same quarter last year, the company earned ($0.15) EPS. As a group, sell-side analysts expect that Emeren Group Ltd will post 0.1 earnings per share for the current year.

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.