Emeren Group (NYSE:SOL) Rating Lowered to “Sell” at StockNews.com

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

Several other brokerages have also recently issued reports on SOL. 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 target price on shares of Emeren Group in a research report on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $3.83.

Emeren Group Stock Down 3.4 %

Shares of SOL stock opened at $2.00 on Wednesday. The stock has a market cap of $102.52 million, a P/E ratio of -5.13 and a beta of 1.73. Emeren Group has a 52 week low of $1.41 and a 52 week high of $3.00. The company has a quick ratio of 4.27, a current ratio of 4.27 and a debt-to-equity ratio of 0.07. The company’s fifty day simple moving average is $2.42 and its two-hundred day simple moving average is $1.97.

Emeren Group (NYSE:SOL) last announced its quarterly earnings results on Tuesday, August 20th. The semiconductor company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.06). The company had revenue of $30.06 million during the quarter, compared to analysts’ expectations of $21.10 million. Emeren Group had a negative return on equity of 3.15% and a negative net margin of 20.91%. During the same quarter in the previous year, the firm earned $0.14 EPS. Analysts predict that Emeren Group will post 0.33 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 stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $1.83 per share, with a total value of $49,122.69. Following the transaction, the chairman now owns 18,655,151 shares of the company’s stock, 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 can be accessed through this link. Insiders own 37.31% of the company’s stock.

Institutional Investors Weigh In On Emeren Group

An institutional investor recently raised its position in Emeren Group stock. Mercer Global Advisors Inc. ADV lifted its holdings in Emeren Group Ltd (NYSE:SOL) by 160.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,809 shares of the semiconductor company’s stock after acquiring an additional 29,484 shares during the quarter. Mercer Global Advisors Inc. ADV owned 0.08% of Emeren Group worth $72,000 as of its most recent SEC filing. 44.08% of the stock is owned by hedge funds and other institutional investors.

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.