ReneSola (NYSE:SOL) Shares Up 1.6%

ReneSola Ltd. (NYSE:SOL) shares shot up 1.6% during mid-day trading on Wednesday . The stock traded as high as $1.50 and last traded at $1.34, 32,922 shares traded hands during mid-day trading. A decline of 27% from the average session volume of 45,229 shares. The stock had previously closed at $1.32.

Several research firms recently issued reports on SOL. Zacks Investment Research cut shares of ReneSola from a “hold” rating to a “sell” rating and set a $1.50 target price on the stock. in a research report on Monday, January 6th. ValuEngine raised shares of ReneSola from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th.

The stock has a market capitalization of $58.66 million, a price-to-earnings ratio of 150.00 and a beta of 2.12. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.94 and a quick ratio of 0.94. The business’s 50-day simple moving average is $1.36 and its two-hundred day simple moving average is $1.34.

ReneSola (NYSE:SOL) last announced its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The firm had revenue of $65.96 million for the quarter. ReneSola had a negative net margin of 2.42% and a positive return on equity of 1.70%. During the same period last year, the firm earned $0.04 earnings per share. As a group, sell-side analysts expect that ReneSola Ltd. will post 0.18 EPS for the current year.

In other ReneSola news, major shareholder Shah Capital Management purchased 35,375 shares of ReneSola stock in a transaction on Monday, December 23rd. The shares were purchased at an average cost of $1.41 per share, with a total value of $49,878.75. Following the completion of the transaction, the insider now directly owns 47,370 shares in the company, valued at approximately $66,791.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

A hedge fund recently bought a new stake in ReneSola stock. KBC Group NV purchased a new stake in shares of ReneSola Ltd. (NYSE:SOL) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 27,305 shares of the semiconductor company’s stock, valued at approximately $39,000. KBC Group NV owned approximately 0.07% of ReneSola as of its most recent SEC filing. 38.90% of the stock is currently owned by hedge funds and other institutional investors.

ReneSola Company Profile (NYSE:SOL)

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It operates through three segments: solar power project development, EPC services, and electricity revenue generation. The company also develops community solar gardens; and sells projects rights. In addition, its engineering, and procurement and construction business includes engineering design, procurement of solar modules, balance-of-system and other components, and construction contracting and management services.

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