ReneSola Ltd. (SOL) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of ReneSola Ltd. (NYSE:SOL) from a hold rating to a buy rating in a report released on Wednesday. Zacks Investment Research currently has $2.75 price target on the stock.

According to Zacks, “ReneSola continues to benefit from a steady flow of contracts from both domestic and international customers. The company is making strong efforts to drive higher profitability and cash flow. Again, according to an EIA report, solar will be the fastest growing renewable energy source, which translates that the company has a bright prospect in solar in the near future. However, management has lowered its full-year earnings guidance for the company, which disappoints us. Going forward, failing to shift to higher-margin markets and exposure to exchange rate fluctuations will likely hurt the company’s performance.”

Separately, Roth Capital reaffirmed a sell rating and set a $3.25 price objective (down from $5.00) on shares of ReneSola in a research report on Thursday, December 1st.

Shares of ReneSola (NYSE:SOL) opened at 2.41 on Wednesday. The firm’s market cap is $48.68 million. The stock’s 50 day moving average price is $2.48 and its 200 day moving average price is $1.24. ReneSola has a one year low of $2.15 and a one year high of $7.30.

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A hedge fund recently raised its stake in ReneSola stock. KBC Group NV increased its stake in shares of ReneSola Ltd. (NYSE:SOL) by 22.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 220,219 shares of the company’s stock after buying an additional 40,059 shares during the period. KBC Group NV owned about 0.22% of ReneSola worth $222,000 at the end of the most recent quarter. Institutional investors and hedge funds own 12.79% of the company’s stock.

About ReneSola

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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