ReneSola (NYSE:SOL) Downgraded by StockNews.com to “Sell”

StockNews.com cut shares of ReneSola (NYSE:SOLGet Rating) from a hold rating to a sell rating in a report released on Friday morning.

Separately, HC Wainwright reduced their price objective on ReneSola from $15.00 to $12.00 and set a buy rating on the stock in a research note on Thursday, March 24th. One analyst has rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $11.50.

SOL opened at $4.89 on Friday. The stock has a market capitalization of $328.29 million, a P/E ratio of 81.50 and a beta of 2.27. ReneSola has a 12-month low of $3.46 and a 12-month high of $10.00. The stock has a 50-day moving average price of $4.79 and a 200-day moving average price of $5.52.

ReneSola (NYSE:SOLGet Rating) last issued its earnings results on Tuesday, June 7th. The semiconductor company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. ReneSola had a return on equity of 1.67% and a net margin of 7.29%. During the same period last year, the company earned $0.05 earnings per share. Research analysts expect that ReneSola will post 0.13 EPS for the current fiscal year.

In other ReneSola news, CFO Shah Capital Management acquired 106,499 shares of the company’s stock in a transaction on Monday, June 13th. The stock was acquired at an average price of $4.40 per share, for a total transaction of $468,595.60. Following the acquisition, the chief financial officer now owns 11,710,603 shares in the company, valued at approximately $51,526,653.20. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Large investors have recently bought and sold shares of the company. abrdn plc purchased a new position in shares of ReneSola during the first quarter valued at about $64,000. Envestnet Asset Management Inc. purchased a new position in shares of ReneSola during the 1st quarter worth approximately $64,000. Verition Fund Management LLC bought a new position in shares of ReneSola in the 1st quarter worth approximately $67,000. Goldman Sachs Group Inc. purchased a new position in shares of ReneSola in the 3rd quarter valued at approximately $96,000. Finally, Cetera Advisors LLC boosted its position in shares of ReneSola by 27.0% during the first quarter. Cetera Advisors LLC now owns 16,940 shares of the semiconductor company’s stock valued at $98,000 after purchasing an additional 3,600 shares in the last quarter. 39.19% of the stock is owned by hedge funds and other institutional investors.

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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