ReneSola Ltd. (SOL) Downgraded to “Strong Sell” at ValuEngine

ValuEngine downgraded shares of ReneSola Ltd. (NYSE:SOL) from a sell rating to a strong sell rating in a research report report published on Friday.

Several other brokerages have also issued reports on SOL. Credit Suisse Group AG upgraded ReneSola from an underperform rating to a neutral rating and decreased their price objective for the company from $5.00 to $4.00 in a research report on Wednesday, March 29th. Zacks Investment Research raised ReneSola from a hold rating to a buy rating and set a $2.75 price target for the company in a research report on Wednesday, March 22nd. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $3.33.

Shares of ReneSola (SOL) traded down 5.222% during trading on Friday, reaching $2.559. 52,996 shares of the company were exchanged. The stock’s market capitalization is $51.19 million. The stock has a 50-day moving average of $2.57 and a 200 day moving average of $1.78. ReneSola has a 52-week low of $2.15 and a 52-week high of $7.11.

ReneSola (NYSE:SOL) last announced its quarterly earnings data on Tuesday, March 28th. The semiconductor company reported ($1.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.84) by $0.42. The firm had revenue of $232 million for the quarter, compared to the consensus estimate of $218.42 million. ReneSola had a negative return on equity of 2.40% and a negative net margin of 0.26%. The business’s revenue for the quarter was down 21.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.15 earnings per share. On average, equities analysts anticipate that ReneSola will post ($1.50) earnings per share for the current fiscal year.

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An institutional investor recently raised its position in ReneSola stock. Renaissance Technologies LLC increased its position in ReneSola Ltd. (NYSE:SOL) by 6.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,514,800 shares of the semiconductor company’s stock after buying an additional 147,436 shares during the period. Renaissance Technologies LLC owned approximately 12.45% of ReneSola worth $1,609,000 at the end of the most recent quarter. Institutional investors and hedge funds own 12.79% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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