HC Wainwright Reaffirms “Buy” Rating for Emeren Group (NYSE:SOL)

Emeren Group (NYSE:SOL)‘s stock had its “buy” rating restated by HC Wainwright in a report released on Friday, Benzinga reports. They currently have a $7.00 price target on the semiconductor company’s stock. HC Wainwright’s price objective points to a potential upside of 235.73% from the stock’s previous close.

A number of other brokerages also recently commented on SOL. Northland Securities downgraded Emeren Group from a “market perform” rating to an “under perform” rating in a report on Friday. StockNews.com raised Emeren Group to a “sell” rating in a report on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $5.80.

Emeren Group Stock Performance

Shares of NYSE:SOL opened at $2.09 on Friday. The firm has a market capitalization of $125.56 million, a PE ratio of -11.58 and a beta of 1.80. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.40 and a quick ratio of 5.40. The business has a 50-day moving average of $1.94 and a two-hundred day moving average of $2.17. Emeren Group has a 12 month low of $1.54 and a 12 month high of $4.28.

Emeren Group (NYSE:SOL) last posted its earnings results on Thursday, March 28th. The semiconductor company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.06). Emeren Group had a negative net margin of 8.91% and a positive return on equity of 0.26%. The company had revenue of $44.00 million during the quarter, compared to analyst estimates of $39.22 million. As a group, research analysts forecast that Emeren Group will post 0.38 earnings per share for the current year.

Hedge Funds Weigh In On Emeren Group

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Emeren Group during the 3rd quarter valued at $36,000. Janney Montgomery Scott LLC acquired a new position in shares of Emeren Group during the 3rd quarter valued at $44,000. Aigen Investment Management LP increased its position in shares of Emeren Group by 74.1% during the 3rd quarter. Aigen Investment Management LP now owns 19,737 shares of the semiconductor company’s stock valued at $61,000 after purchasing an additional 8,401 shares during the period. Alpine Global Management LLC acquired a new position in shares of Emeren Group during the 3rd quarter valued at $62,000. Finally, Quadrature Capital Ltd increased its position in shares of Emeren Group by 42.0% during the 3rd quarter. Quadrature Capital Ltd now owns 59,685 shares of the semiconductor company’s stock valued at $184,000 after purchasing an additional 17,659 shares during the period. 44.08% of the stock is currently owned by institutional investors and hedge funds.

Emeren Group Company Profile

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.