ReneSola (NYSE:SOL) Upgraded to Hold at StockNews.com

ReneSola (NYSE:SOLGet Rating) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

Other equities analysts also recently issued reports about the stock. HC Wainwright reduced their target price on shares of ReneSola from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, March 24th. Zacks Investment Research upgraded shares of ReneSola from a “sell” rating to a “hold” rating and set a $5.00 price target for the company in a report on Wednesday, May 25th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $9.88.

SOL stock traded down $0.05 during mid-day trading on Wednesday, hitting $5.09. The company had a trading volume of 591,088 shares, compared to its average volume of 985,372. The company has a 50-day moving average price of $4.93 and a 200 day moving average price of $5.64. The company has a quick ratio of 9.38, a current ratio of 9.38 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $341.72 million, a price-to-earnings ratio of 50.90 and a beta of 2.27. ReneSola has a 12-month low of $3.46 and a 12-month high of $10.70.

ReneSola (NYSE:SOLGet Rating) last announced its earnings results on Tuesday, June 7th. The semiconductor company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. ReneSola had a net margin of 8.61% and a return on equity of 2.67%. During the same period in the prior year, the business earned $0.05 earnings per share. As a group, analysts expect that ReneSola will post 0.11 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of SOL. abrdn plc bought a new stake in shares of ReneSola during the 1st quarter valued at $64,000. Envestnet Asset Management Inc. purchased a new stake in ReneSola in the 1st quarter valued at $64,000. Verition Fund Management LLC bought a new position in ReneSola in the 1st quarter valued at $67,000. Goldman Sachs Group Inc. bought a new position in ReneSola in the 3rd quarter worth about $96,000. Finally, Cetera Advisors LLC raised its holdings in shares of ReneSola by 27.0% in the 1st quarter. Cetera Advisors LLC now owns 16,940 shares of the semiconductor company’s stock valued at $98,000 after acquiring an additional 3,600 shares in the last quarter. Institutional investors own 39.19% of the company’s stock.

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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