Equity analysts expect ReneSola Ltd (NYSE: SOL – Get a rating) to announce sales of $3.93 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts provided earnings estimates for ReneSola, with the highest sales estimate of $5.00 million and the lowest estimate of $3.40 million. ReneSola recorded sales of $22.78 million in the same quarter last year, which would indicate a negative growth rate of 82.7% year over year. The company is expected to release its next quarterly earnings report on Monday, January 1.
On average, analysts expect ReneSola to report annual sales of $111.13 million for the current fiscal year, with estimates ranging from $108.00 million to $115.40 million. For next year, analysts expect the company to record sales of $135.52 million, with estimates ranging from $125.20 million to $143.35 million. Zacks Investment Research sales calculations are an average based on a survey of research companies that cover ReneSola.
Rene Sola (NYSE: SOL – Get a rating) last released its results on Wednesday, March 23. The semiconductor company reported ($0.03) earnings per share for the quarter, missing Thomson Reuters’ consensus estimate of $0.06 per ($0.09). ReneSola had a return on equity of 2.67% and a net margin of 8.61%. During the same period of the previous year, the company achieved EPS of $0.18.
SOL has been the subject of a number of research reports. StockNews.com launched a coverage on ReneSola in a report on Thursday, March 31. They issued a “sell” rating on the stock. Raymond James upgraded ReneSola from an “outperform” rating to a “strong buy” rating and set a target price of $12.50 on the stock in a Tuesday, January 4, report. HC Wainwright lowered its price target on ReneSola from $15.00 to $12.00 and set a “buy” rating on the stock in a Thursday, March 24 report. Roth Capital upgraded ReneSola from a “neutral” rating to a “buy” rating and raised its target price for the stock from $7.70 to $10.00 in a Wednesday, January 5 report. To finish, Zacks Investment Research upgraded ReneSola from a “hold” rating to a “buy” rating and set a target price of $7.00 on the stock in a Wednesday, March 2 report. One investment analyst gave the stock a sell rating, four gave the stock a buy rating and one gave the company a high buy rating. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $10.38.
Hedge funds and other institutional investors have recently changed their positions in the company. Vident Investment Advisory LLC acquired a new position in ReneSola during the third quarter worth approximately $130,000. Raymond James Financial Services Advisors Inc. acquired a new position in ReneSola stock in the third quarter worth approximately $114,000. Raymond James & Associates acquired a new position in ReneSola stock in the third quarter worth approximately $108,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in ReneSola shares by 7.5% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 84,584 shares of the semiconductor company valued at $556,000 after buying an additional 5,879 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd increased its position in ReneSola shares by 101.7% in the third quarter. MARSHALL WACE ASIA Ltd now owns 662,804 shares in the semiconductor company valued at $4,355,000 after buying an additional 334,156 shares in the last quarter. 35.33% of the shares are currently held by hedge funds and other institutional investors.
Shares of Action ReneSola traded at $0.15 during Friday’s trading, reaching $5.58. The stock had a trading volume of 10,351 shares, compared to an average volume of 1,290,766. The company has a market capitalization of $389.21 million, a price-earnings ratio of 54.30 and a beta of 2.28. The stock has a fifty-day moving average price of $5.93 and a two-hundred-day moving average price of $6.48. ReneSola has a 52-week low of $4.53 and a 52-week high of $10.70. The company has a current ratio of 9.39, a quick ratio of 9.66 and a debt ratio of 0.07.
ReneSola Company Profile (Get a rating)
ReneSola Ltd, through its subsidiaries, develops, builds, operates and sells solar energy projects in the United States and Europe. It operates through three segments: Solar Power Project Development, EPC Services and Power Generation Revenue. The company also develops community solar gardens; and sells project rights.
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