ReneSola (NYSE:SOL) Stock Passes Above Two Hundred Day Moving Average of $1.32

ReneSola Ltd. (NYSE:SOL)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.32 and traded as high as $1.40. ReneSola shares last traded at $1.40, with a volume of 1,934 shares traded.

Several equities analysts have commented on the stock. ValuEngine downgraded shares of ReneSola from a “sell” rating to a “strong sell” rating in a research note on Friday, January 3rd. Zacks Investment Research downgraded shares of ReneSola from a “hold” rating to a “sell” rating and set a $1.50 target price for the company. in a research note on Monday, January 6th.

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 company has a market cap of $51.80 million, a price-to-earnings ratio of 136.00 and a beta of 2.12. The firm’s 50 day simple moving average is $1.45 and its 200-day simple moving average is $1.32.

ReneSola (NYSE:SOL) last released its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. ReneSola had a negative net margin of 2.42% and a positive return on equity of 1.70%. The company had revenue of $65.96 million during the quarter. During the same quarter in the prior year, the company earned $0.04 EPS. On average, analysts forecast that ReneSola Ltd. will post 0.18 EPS for the current year.

In other ReneSola news, major shareholder Shah Capital Management bought 35,375 shares of ReneSola stock in a transaction dated Monday, December 23rd. The stock was acquired at an average cost of $1.41 per share, with a total value of $49,878.75. Following the completion of the acquisition, the insider now owns 47,370 shares of the company’s stock, valued at $66,791.70. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Barlow Todd bought 21,510 shares of ReneSola stock in a transaction dated Wednesday, November 6th. The stock was acquired at an average cost of $22.74 per share, with a total value of $489,158.91. Insiders acquired 87,510 shares of company stock valued at $582,219 in the last 90 days.

Several large investors have recently made changes to their positions in SOL. Virtu Financial LLC purchased a new position in ReneSola during the third quarter worth about $35,000. Susquehanna International Group LLP raised its holdings in ReneSola by 21.4% during the second quarter. Susquehanna International Group LLP now owns 190,398 shares of the semiconductor company’s stock worth $244,000 after purchasing an additional 33,544 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in ReneSola by 1.5% during the second quarter. Renaissance Technologies LLC now owns 764,710 shares of the semiconductor company’s stock worth $979,000 after purchasing an additional 11,500 shares in the last quarter. 12.47% of the stock is owned by institutional investors and hedge funds.

About ReneSola (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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