Emeren Group Ltd (NYSE:SOL) Chairman Shah Capital Management Buys 74,260 Shares

Emeren Group Ltd (NYSE:SOL) Chairman Shah Capital Management bought 74,260 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The shares were purchased at an average cost of $3.06 per share, for a total transaction of $227,235.60. Following the acquisition, the chairman now owns 16,856,102 shares of the company’s stock, valued at $51,579,672.12. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, September 15th, Shah Capital Management purchased 69,494 shares of Emeren Group stock. The stock was acquired at an average price of $3.08 per share, for a total transaction of $214,041.52.
• On Wednesday, September 13th, Shah Capital Management acquired 39,709 shares of Emeren Group stock. The stock was acquired at an average cost of $3.11 per share, for a total transaction of $123,494.99.
• On Friday, September 8th, Shah Capital Management acquired 79,299 shares of Emeren Group stock. The shares were 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 bought 34,493 shares of Emeren Group stock. The shares were bought at an average cost of $3.32 per share, for a total transaction of $114,516.76.
• On Friday, September 1st, Shah Capital Management bought 81,000 shares of Emeren Group stock. The stock was purchased 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 purchased at an average price of $3.66 per share, with a total value of $119,231.82.

Emeren Group Stock Performance

Shares of NYSE SOL traded up $0.01 during trading hours on Tuesday, hitting $3.13. 49,030 shares of the company’s stock were exchanged, compared to its average volume of 430,480. The stock has a market capitalization of $188.49 million, a price-to-earnings ratio of 12.00 and a beta of 2.06. The company’s 50-day moving average price is $3.51 and its 200-day moving average price is $3.80. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.48 and a quick ratio of 5.48. Emeren Group Ltd has a 1-year low of $3.04 and a 1-year high of $6.03.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. National Wealth Management Group LLC bought a new position in Emeren Group during the second quarter worth $37,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Emeren Group during the 2nd quarter worth about $41,000. First Trust Direct Indexing L.P. acquired a new position in shares of Emeren Group during the second quarter valued at about $43,000. PFG Investments LLC bought a new stake in shares of Emeren Group in the first quarter valued at about $45,000. Finally, Alliancebernstein L.P. acquired a new stake in Emeren Group during the third quarter worth about $55,000. 74.86% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on SOL. Northland Securities lowered their price objective on shares of Emeren Group from $9.50 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, September 1st. Roth Mkm dropped their price target on Emeren Group from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Tuesday, September 12th. StockNews.com lowered Emeren Group from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, HC Wainwright dropped their target price on Emeren Group from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $8.00.

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.