Zacks: ReneSola Ltd. (SOL) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of ReneSola Ltd. (NYSE:SOL) have been given a consensus broker rating score of 3.00 (Hold) from the one analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating.

Brokers have set a 1-year consensus price objective of $1.75 for the company and are expecting that the company will post ($0.05) earnings per share for the current quarter, according to Zacks. Zacks has also assigned ReneSola an industry rank of 50 out of 257 based on the ratings given to its competitors.

SOL has been the subject of several recent research reports. ValuEngine downgraded ReneSola from a “hold” rating to a “sell” rating in a research note on Friday, August 3rd. Zacks Investment Research downgraded ReneSola from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st.

An institutional investor recently raised its position in ReneSola stock. Renaissance Technologies LLC increased its holdings in shares of ReneSola Ltd. (NYSE:SOL) by 3.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 673,760 shares of the semiconductor company’s stock after buying an additional 23,200 shares during the quarter. Renaissance Technologies LLC owned 1.77% of ReneSola worth $1,718,000 at the end of the most recent reporting period. Institutional investors own 11.04% of the company’s stock.

Shares of SOL stock traded up $0.05 during trading on Wednesday, reaching $1.55. 73 shares of the company’s stock were exchanged, compared to its average volume of 59,262. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $57.15 million, a PE ratio of 11.92 and a beta of 1.34. ReneSola has a twelve month low of $1.31 and a twelve month high of $3.79.

ReneSola (NYSE:SOL) last posted its earnings results on Monday, November 19th. The semiconductor company reported $0.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.01. The business had revenue of $18.77 million for the quarter, compared to analyst estimates of $19.00 million. ReneSola had a return on equity of 7.57% and a net margin of 5.09%. As a group, sell-side analysts predict that ReneSola will post 0.13 EPS for the current fiscal year.

ReneSola Company Profile

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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