Emeren Group (NYSE:SOL) Stock Rating Upgraded by StockNews.com

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

Several other research analysts have also issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Emeren Group in a research report on Wednesday, August 21st. Roth Mkm reissued a “buy” rating and set a $3.00 price objective on shares of Emeren Group in a research note on Wednesday, August 21st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Emeren Group has an average rating of “Hold” and an average price target of $4.88.

Emeren Group Price Performance

Shares of Emeren Group stock traded down $0.04 during trading on Thursday, hitting $2.79. The stock had a trading volume of 457,301 shares, compared to its average volume of 375,850. The business has a fifty day moving average of $1.95 and a two-hundred day moving average of $1.86. Emeren Group has a fifty-two week low of $1.41 and a fifty-two week high of $3.21. The firm has a market cap of $168.03 million, a P/E ratio of -10.73 and a beta of 1.71. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.27 and a quick ratio of 4.27.

Emeren Group (NYSE:SOL) last issued 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 20.91% and a negative return on equity of 3.15%. During the same period in the previous year, the company posted $0.14 earnings per share. On average, sell-side analysts expect that Emeren Group will post 0.27 earnings per share for the current fiscal year.

Insider Transactions at Emeren Group

In other news, Chairman Shah Capital Management bought 26,843 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $1.83 per share, with a total value of $49,122.69. Following the purchase, the chairman now directly owns 18,655,151 shares in the company, valued at $34,138,926.33. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 18.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Emeren Group

Several institutional investors and hedge funds have recently bought and sold shares of SOL. Mercer Global Advisors Inc. ADV lifted its position in shares of Emeren Group by 160.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 47,809 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 29,484 shares in the last quarter. Monaco Asset Management SAM grew its position in Emeren Group by 40.6% during the first quarter. Monaco Asset Management SAM now owns 1,170,000 shares of the semiconductor company’s stock valued at $2,258,000 after purchasing an additional 337,650 shares in the last quarter. Finally, GSA Capital Partners LLP increased its stake in 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 buying an additional 66,284 shares during the period. Hedge funds and other institutional investors 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.