Shares of ReneSola Ltd. (NYSE:SOL) have been given a consensus broker rating score of 5.00 (Strong Sell) from the one analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong sell recommendation. ReneSola’s rating score has declined by 66.7% in the last three months as a result of various analysts’ upgrades and downgrades.
Brokerages have set a 12 month consensus target price of $1.00 for the company and are forecasting that the company will post ($0.16) earnings per share for the current quarter, according to Zacks. Zacks has also assigned ReneSola an industry rank of 163 out of 265 based on the ratings given to its competitors.
Several research analysts have recently issued reports on the stock. Credit Suisse Group AG set a $1.00 target price on shares of ReneSola and gave the stock a “sell” rating in a report on Thursday, August 18th. TheStreet cut shares of ReneSola from a “hold” rating to a “sell” rating in a report on Wednesday, August 24th. Roth Capital cut shares of ReneSola from a “hold” rating to a “sell” rating in a report on Friday, August 5th. Finally, Zacks Investment Research cut shares of ReneSola from a “buy” rating to a “hold” rating in a report on Friday, July 29th.
Shares of ReneSola (NYSE:SOL) opened at 1.02 on Monday. The stock has a 50 day moving average of $1.12 and a 200-day moving average of $1.26. ReneSola has a 1-year low of $0.95 and a 1-year high of $1.95. The company has a market capitalization of $103.02 million, a price-to-earnings ratio of 3.91 and a beta of 3.26.
ReneSola (NYSE:SOL) last issued its earnings results on Wednesday, August 24th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. ReneSola had a net margin of 2.26% and a return on equity of 23.61%. The firm had revenue of $250 million for the quarter, compared to analysts’ expectations of $284.39 million. During the same quarter last year, the business earned ($0.02) earnings per share. The business’s revenue was down 6.9% on a year-over-year basis. Analysts forecast that ReneSola will post ($0.17) earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. KCG Holdings Inc. boosted its stake in ReneSola by 164.5% in the second quarter. KCG Holdings Inc. now owns 89,877 shares of the company’s stock valued at $111,000 after buying an additional 55,897 shares during the period. Edmond DE Rothschild Holding S.A. bought a new stake in ReneSola during the first quarter valued at $178,000. Emerald Acquisition Ltd. bought a new stake in ReneSola during the second quarter valued at $197,000. Acadian Asset Management LLC boosted its stake in ReneSola by 5.2% in the second quarter. Acadian Asset Management LLC now owns 3,259,695 shares of the company’s stock valued at $4,044,000 after buying an additional 162,171 shares during the period. Finally, Shah Capital Management boosted its stake in ReneSola by 8.7% in the second quarter. Shah Capital Management now owns 4,908,535 shares of the company’s stock valued at $6,086,000 after buying an additional 391,241 shares during the period. Institutional investors and hedge funds own 12.21% of the company’s stock.
ReneSola Company Profile
ReneSola Ltd is a holding company. The Company is a brand and technology provider of energy-efficient products based in China. The Company’s segments include wafer sales, cell and module sales, and solar power projects. The wafer sales segment involves the manufacture and sales of monocrystalline and multicrystalline solar wafers and processing services.
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