Emeren Group Ltd (NYSE:SOL) Chairman Shah Capital Management Buys 39,709 Shares of Stock

Emeren Group Ltd (NYSE:SOL) Chairman Shah Capital Management bought 39,709 shares of Emeren Group stock in a transaction dated Wednesday, September 13th. The shares were purchased at an average cost of $3.11 per share, for a total transaction of $123,494.99. Following the completion of the transaction, the chairman now owns 16,712,348 shares of the company’s stock, valued at approximately $51,975,402.28. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

Shah Capital Management also recently made the following trade(s):

• On Friday, September 8th, Shah Capital Management purchased 79,299 shares of Emeren Group stock. The stock was bought at an average price of $3.14 per share, with a total value of $248,998.86.
• On Wednesday, September 6th, Shah Capital Management purchased 34,493 shares of Emeren Group stock. The stock was bought at an average price of $3.32 per share, with a total value of $114,516.76.
• On Friday, September 1st, Shah Capital Management purchased 81,000 shares of Emeren Group stock. The stock was bought at an average price of $3.20 per share, with a total value of $259,200.00.
• On Friday, June 23rd, Shah Capital Management purchased 32,577 shares of Emeren Group stock. The stock was bought at an average price of $3.66 per share, with a total value of $119,231.82.

Emeren Group Stock Performance

Shares of SOL opened at $3.18 on Friday. The company has a market cap of $191.50 million, a price-to-earnings ratio of 12.23 and a beta of 2.06. The firm has a fifty day moving average of $3.54 and a 200-day moving average of $3.83. Emeren Group Ltd has a 1 year low of $3.06 and a 1 year high of $6.32. The company has a debt-to-equity ratio of 0.06, a quick ratio of 5.48 and a current ratio of 5.48.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SOL shares. StockNews.com upgraded shares of Emeren Group from a “sell” rating to a “hold” rating in a research note on Monday. Northland Securities reduced their price target on shares of Emeren Group from $9.50 to $6.00 and set an “outperform” rating for the company in a report on Friday, September 1st. Roth Mkm reduced their price target on shares of Emeren Group from $10.00 to $7.00 and set a “buy” rating for the company in a report on Tuesday. Finally, HC Wainwright reduced their price target on shares of Emeren Group from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, September 1st. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $8.00.

Institutional Investors Weigh In On Emeren Group

Institutional investors have recently bought and sold shares of the stock. National Wealth Management Group LLC acquired a new stake in Emeren Group in the second quarter worth about $37,000. Schonfeld Strategic Advisors LLC acquired a new stake in Emeren Group in the second quarter worth about $41,000. First Trust Direct Indexing L.P. acquired a new stake in Emeren Group in the second quarter worth about $43,000. PFG Investments LLC acquired a new stake in Emeren Group in the first quarter worth about $45,000. Finally, Alliancebernstein L.P. acquired a new stake in Emeren Group in the third quarter worth about $55,000. Institutional investors and hedge funds own 74.86% of the company’s stock.

About Emeren Group

Emeren Group Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It owns and operates 3 gigawatt pipeline of projects and independent power producer assets. The company also develops community solar gardens; and sells project rights. In addition, it engages in engineering design; procurement of solar modules; balance-of-system components and other components; and construction contracting and management services.