StockNews.com Downgrades Emeren Group (NYSE:SOL) to Sell

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

Several other equities analysts have also recently issued reports on the company. Roth Mkm reiterated a “buy” rating and issued a $3.00 price target on shares of Emeren Group in a 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 report on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Emeren Group has an average rating of “Hold” and an average price target of $3.83.

Emeren Group Stock Performance

NYSE SOL opened at $1.91 on Wednesday. The company has a 50 day moving average of $2.42 and a 200-day moving average of $1.98. The company has a current ratio of 4.27, a quick ratio of 4.27 and a debt-to-equity ratio of 0.07. Emeren Group has a 1-year low of $1.41 and a 1-year high of $3.00. The firm has a market cap of $97.90 million, a price-to-earnings ratio of -14.69 and a beta of 1.73.

Emeren Group (NYSE:SOL) last announced its 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). Emeren Group had a negative return on equity of 3.15% and a negative net margin of 20.91%. The company had revenue of $30.06 million during the quarter, compared to the consensus estimate of $21.10 million. During the same period in the prior year, the firm posted $0.14 earnings per share. On average, equities analysts forecast that Emeren Group will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Chairman Shah Capital Management bought 26,843 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired 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 in the company, valued at $34,138,926.33. This represents a 0.14 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 37.31% of the company’s stock.

Hedge Funds Weigh In On Emeren Group

Hedge funds have recently made changes to their positions in the business. Long Run Wealth Advisors LLC bought a new position in Emeren Group in the third quarter valued at $28,000. Mercer Global Advisors Inc. ADV raised its stake in 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 valued at $72,000 after buying an additional 29,484 shares during the period. Finally, XTX Topco Ltd bought a new stake in Emeren Group in the 3rd quarter valued at $88,000. 44.08% of the stock is owned by 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.