Emeren Group (NYSE:SOL) Upgraded to Hold at StockNews.com

Emeren Group (NYSE:SOL) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Thursday.

Several other equities research analysts have also weighed in on SOL. Roth Mkm reissued a “buy” rating and set a $3.00 target price on shares of Emeren Group in a research report on Wednesday, August 21st. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Emeren Group in a research report on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.83.

Emeren Group Price Performance

Emeren Group stock opened at $1.87 on Thursday. 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 company has a fifty day simple moving average of $2.39 and a 200-day simple moving average of $1.98. The stock has a market cap of $95.86 million, a P/E ratio of -14.38 and a beta of 1.73. Emeren Group has a 12-month low of $1.41 and a 12-month high of $3.00.

Emeren Group (NYSE:SOL) last posted its quarterly earnings results on Tuesday, August 20th. The semiconductor company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). The business had revenue of $30.06 million during the quarter, compared to analyst estimates of $21.10 million. Emeren Group had a negative net margin of 7.14% and a negative return on equity of 2.05%. During the same quarter in the prior year, the business earned $0.14 earnings per share. Equities analysts expect that Emeren Group will post 0.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Emeren Group news, Chairman Shah Capital Management purchased 26,843 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $1.83 per share, for a total transaction of $49,122.69. Following the purchase, the chairman now directly owns 18,655,151 shares in the company, valued at approximately $34,138,926.33. This trade represents a 0.14 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 37.31% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Emeren Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV increased its position in Emeren Group by 160.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 47,809 shares of the semiconductor company’s stock valued at $72,000 after acquiring an additional 29,484 shares during the period. Long Run Wealth Advisors LLC purchased a new position in shares of Emeren Group in the 3rd quarter valued at approximately $28,000. Finally, XTX Topco Ltd acquired a new position in shares of Emeren Group in the third quarter valued at approximately $88,000. 44.08% of the stock is owned by hedge funds and other institutional investors.

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.