Emeren Group (NYSE:SOL) Stock Passes Above 200 Day Moving Average – Here’s Why

Emeren Group Ltd. Sponsored ADR (NYSE:SOL) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $1.80 and traded as high as $1.8499. Emeren Group shares last traded at $1.8350, with a volume of 139,949 shares traded.

Wall Street Analyst Weigh In

SOL has been the topic of a number of research reports. Wall Street Zen lowered shares of Emeren Group from a “hold” rating to a “sell” rating in a research note on Friday, August 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Emeren Group in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $5.00.

Emeren Group Stock Performance

The company has a market capitalization of $94.18 million, a P/E ratio of -22.94 and a beta of 2.22. The company’s 50 day moving average is $1.87 and its 200-day moving average is $1.80. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 0.17.

Emeren Group (NYSE:SOL) last announced its quarterly earnings data on Tuesday, August 19th. The semiconductor company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.04. Emeren Group had a negative net margin of 5.77% and a negative return on equity of 1.16%. The business had revenue of $12.88 million for the quarter, compared to analysts’ expectations of $18.57 million. Equities analysts anticipate that Emeren Group Ltd. Sponsored ADR will post 0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP raised its stake in Emeren Group by 67.9% during the third quarter. GSA Capital Partners LLP now owns 214,437 shares of the semiconductor company’s stock valued at $405,000 after buying an additional 86,720 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in shares of Emeren Group by 2.9% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 213,681 shares of the semiconductor company’s stock worth $404,000 after acquiring an additional 6,093 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Emeren Group during the second quarter valued at $179,000. XTX Topco Ltd purchased a new position in shares of Emeren Group in the 2nd quarter worth about $44,000. Finally, Virtu Financial LLC purchased a new position in shares of Emeren Group in the 1st quarter worth about $47,000. Institutional investors 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.