Emeren Group Ltd (NYSE:SOL) Sees Large Drop in Short Interest

Emeren Group Ltd (NYSE:SOL) saw a significant decline in short interest in September. As of September 15th, there was short interest totalling 1,430,000 shares, a decline of 13.9% from the August 31st total of 1,660,000 shares. Based on an average daily trading volume, of 226,700 shares, the short-interest ratio is currently 6.3 days.

Emeren Group Trading Up 0.8 %

Shares of NYSE SOL opened at $2.39 on Friday. Emeren Group has a twelve month low of $1.41 and a twelve month high of $3.27. The firm has a market cap of $122.51 million, a PE ratio of -9.19 and a beta of 1.71. The business has a fifty day simple moving average of $1.89 and a two-hundred day simple moving average of $1.84. The company has a quick ratio of 4.27, a current ratio of 4.27 and a debt-to-equity ratio of 0.07.

Emeren Group (NYSE:SOL) last issued its quarterly earnings data on Tuesday, August 20th. The semiconductor company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Emeren Group had a negative return on equity of 3.15% and a negative net margin of 20.91%. The business had revenue of $30.06 million during the quarter, compared to the consensus estimate of $21.10 million. During the same period last year, the firm earned $0.14 EPS. Analysts expect that Emeren Group will post 0.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SOL has been the subject of several recent analyst reports. Roth Mkm restated 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 report on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $4.88.

Insider Buying and Selling

In other Emeren Group news, Chairman Shah Capital Management bought 26,843 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $1.83 per share, with a total value of $49,122.69. Following the completion of the acquisition, the chairman now owns 18,655,151 shares in the company, valued at approximately $34,138,926.33. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 18.02% of the stock is owned by company insiders.

Institutional Trading of Emeren Group

Institutional investors have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV increased its position in Emeren Group by 160.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 47,809 shares of the semiconductor company’s stock valued at $72,000 after buying an additional 29,484 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of Emeren Group by 9.7% in the 1st quarter. GSA Capital Partners LLP now owns 747,448 shares of the semiconductor company’s stock valued at $1,443,000 after purchasing an additional 66,284 shares during the last quarter. Finally, Monaco Asset Management SAM boosted its stake in Emeren Group by 40.6% in the 1st quarter. Monaco Asset Management SAM now owns 1,170,000 shares of the semiconductor company’s stock worth $2,258,000 after purchasing an additional 337,650 shares in the last quarter. 44.08% of the stock is currently owned by 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.