Brokerages Anticipate ReneSola Ltd (NYSE:SOL) Will Announce Earnings of $0.03 Per Share

Analysts expect ReneSola Ltd (NYSE:SOLGet Rating) to report earnings of $0.03 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for ReneSola’s earnings, with estimates ranging from $0.02 to $0.04. ReneSola reported earnings of $0.11 per share in the same quarter last year, which indicates a negative year over year growth rate of 72.7%. The firm is scheduled to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that ReneSola will report full year earnings of $0.11 per share for the current year, with EPS estimates ranging from $0.09 to $0.13. For the next financial year, analysts anticipate that the company will post earnings of $0.23 per share, with EPS estimates ranging from $0.19 to $0.27. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that follow ReneSola.

ReneSola (NYSE:SOLGet Rating) last issued its quarterly earnings results on Tuesday, June 7th. The semiconductor company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. ReneSola had a return on equity of 2.67% and a net margin of 8.61%. During the same quarter in the previous year, the firm posted $0.05 EPS.

Several analysts have weighed in on the company. Zacks Investment Research raised ReneSola from a “sell” rating to a “hold” rating and set a $5.00 price target on the stock in a report on Wednesday, May 25th. HC Wainwright cut their price target on shares of ReneSola from $15.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, March 24th. Finally, upgraded shares of ReneSola from a “sell” rating to a “hold” rating in a report on Wednesday. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $9.88.

Several hedge funds and other institutional investors have recently bought and sold shares of SOL. Morgan Stanley lifted its holdings in shares of ReneSola by 262.2% in the second quarter. Morgan Stanley now owns 313,360 shares of the semiconductor company’s stock worth $2,851,000 after buying an additional 226,856 shares in the last quarter. BlackRock Inc. boosted its position in shares of ReneSola by 7.1% during the third quarter. BlackRock Inc. now owns 342,183 shares of the semiconductor company’s stock valued at $2,248,000 after buying an additional 22,651 shares during the period. Goldman Sachs Group Inc. purchased a new position in ReneSola during the 3rd quarter valued at $96,000. Credit Suisse AG boosted its holdings in ReneSola by 113.8% during the 3rd quarter. Credit Suisse AG now owns 24,162 shares of the semiconductor company’s stock valued at $159,000 after acquiring an additional 12,862 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in ReneSola in the 3rd quarter valued at $523,000. 39.19% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:SOL opened at $5.09 on Thursday. The business’s fifty day moving average is $4.93 and its 200 day moving average is $5.64. ReneSola has a 52-week low of $3.46 and a 52-week high of $10.70. The firm has a market cap of $341.72 million, a price-to-earnings ratio of 50.90 and a beta of 2.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 9.38 and a current ratio of 9.38.

About ReneSola (Get Rating)

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects in the United States and Europe. It operates through three segments: Solar Power Project Development, EPC Services, and Electricity Generation Revenue. The company also develops community solar gardens; and sells projects rights.

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