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

Emeren Group (NYSE:SOL)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $7.00 price target on the semiconductor company’s stock. HC Wainwright’s price target indicates a potential upside of 490.72% from the company’s previous close.

Several other analysts have also weighed in on the stock. StockNews.com upgraded shares of Emeren Group from a “sell” rating to a “hold” rating in a research report on Thursday, November 21st. BWS Financial reiterated a “sell” rating and set a $6.00 target price on shares of Emeren Group in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a sell rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $4.38.

Emeren Group Stock Down 19.4 %

NYSE SOL opened at $1.19 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.34 and a current ratio of 4.34. The firm has a 50-day simple moving average of $1.77 and a 200 day simple moving average of $2.04. Emeren Group has a twelve month low of $1.04 and a twelve month high of $3.00. The stock has a market cap of $60.74 million, a PE ratio of -9.12 and a beta of 1.70.

Emeren Group (NYSE:SOL) last released its quarterly earnings data on Thursday, March 13th. The semiconductor company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.31). Emeren Group had a negative return on equity of 2.05% and a negative net margin of 7.14%. The business had revenue of $34.60 million for the quarter, compared to the consensus estimate of $40.13 million. During the same period in the previous year, the business posted ($0.15) earnings per share. On average, research analysts forecast that Emeren Group will post 0.1 EPS for the current year.

Hedge Funds Weigh In On Emeren Group

A number of institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new position in shares of Emeren Group in the fourth quarter worth about $80,000. Invesco Ltd. raised its stake in shares of Emeren Group by 26.5% during the fourth quarter. Invesco Ltd. now owns 792,148 shares of the semiconductor company’s stock worth $1,608,000 after buying an additional 165,902 shares during the last quarter. Monaco Asset Management SAM raised its stake in shares of Emeren Group by 35.7% during the fourth quarter. Monaco Asset Management SAM now owns 1,847,764 shares of the semiconductor company’s stock worth $3,751,000 after buying an additional 486,063 shares during the last quarter. Apollon Wealth Management LLC raised its stake in shares of Emeren Group by 45.5% during the fourth quarter. Apollon Wealth Management LLC now owns 29,100 shares of the semiconductor company’s stock worth $59,000 after buying an additional 9,100 shares during the last quarter. Finally, Shah Capital Management raised its stake in shares of Emeren Group by 0.4% during the fourth quarter. Shah Capital Management now owns 18,818,236 shares of the semiconductor company’s stock worth $38,201,000 after buying an additional 69,374 shares during the last quarter. 44.08% of the stock is owned by institutional investors.

Emeren Group Company Profile

Emeren Group Ltd, together with its subsidiaries, develops, builds, and sells solar power projects. It owns and operates 3-gigawatt pipeline of projects and independent power producer assets, as well as a 10-gigawatt pipeline of storage pipeline. The company develops community solar gardens; and sells project rights.