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

StockNews.com cut shares of Emeren Group (NYSE:SOL) from a hold rating to a sell rating in a research report report published on Wednesday morning.

Several other research analysts have also commented on SOL. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Emeren Group in a research report on Wednesday, August 21st. Roth Mkm reiterated a “buy” rating and set a $3.00 price objective on shares of Emeren Group in a research note on Wednesday, August 21st. Three investment analysts have rated the stock with a sell rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $3.83.

Emeren Group Trading Down 4.5 %

NYSE:SOL opened at $1.91 on Wednesday. The stock has a market cap of $97.90 million, a price-to-earnings ratio of -14.69 and a beta of 1.73. Emeren Group has a one year low of $1.41 and a one year high of $3.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 4.27 and a current ratio of 4.27. The business’s 50-day simple moving average is $2.42 and its 200 day simple moving average is $1.97.

Emeren Group (NYSE:SOL) last announced its earnings results on Tuesday, August 20th. The semiconductor company reported $0.01 earnings per share (EPS) 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 earned $0.14 earnings per share. As a group, sell-side analysts predict that Emeren Group will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Emeren Group

In related news, Chairman Shah Capital Management acquired 26,843 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $1.83 per share, for a total transaction of $49,122.69. Following the completion of the purchase, the chairman now directly owns 18,655,151 shares in the company, valued at $34,138,926.33. This trade represents a 0.14 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 37.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Emeren Group

Several large investors have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new stake in Emeren Group in the third quarter worth approximately $88,000. Long Run Wealth Advisors LLC bought a new position in Emeren Group during the third quarter valued at about $28,000. Finally, Mercer Global Advisors Inc. ADV grew its holdings in Emeren Group by 160.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 47,809 shares of the semiconductor company’s stock worth $72,000 after acquiring an additional 29,484 shares during the period. Institutional investors and hedge funds own 44.08% of the company’s stock.

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.