Q3 2024 EPS Estimates for Emeren Group Ltd Reduced by Analyst (NYSE:SOL)

Emeren Group Ltd (NYSE:SOL - Free Report) - Equities research analysts at HC Wainwright decreased their Q3 2024 EPS estimates for Emeren Group in a research note issued on Wednesday, August 21st. HC Wainwright analyst A. Dayal now expects that the semiconductor company will post earnings per share of $0.07 for the quarter, down from their prior estimate of $0.12. HC Wainwright currently has a "Buy" rating and a $7.00 price objective on the stock. The consensus estimate for Emeren Group's current full-year earnings is $0.29 per share. HC Wainwright also issued estimates for Emeren Group's Q4 2024 earnings at $0.32 EPS and FY2024 earnings at $0.32 EPS.

Emeren Group (NYSE:SOL - Get Free Report) last posted its earnings results on Tuesday, August 20th. The semiconductor company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). The business had revenue of $30.06 million during the quarter, compared to analysts' expectations of $21.10 million. Emeren Group had a negative return on equity of 0.89% and a negative net margin of 12.70%. During the same quarter in the previous year, the business earned $0.14 EPS.

SOL has been the subject of several other reports. Northland Securities lowered shares of Emeren Group from a "market perform" rating to an "under perform" rating and set a $1.50 target price for the company. in a research report on Friday, May 24th. Northland Capmk lowered shares of Emeren Group from a "hold" rating to a "strong sell" rating in a research report on Friday, May 24th. Roth Mkm restated a "buy" rating and issued a $3.00 price objective on shares of Emeren Group in a report on Wednesday. Finally, StockNews.com upgraded shares of Emeren Group to a "sell" rating in a report on Friday, May 24th. Three analysts have rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $4.88.

Emeren Group Price Performance

NYSE:SOL traded down $0.09 during mid-day trading on Thursday, hitting $1.87. 386,220 shares of the stock traded hands, compared to its average volume of 386,028. The business's 50-day moving average price is $1.63 and its 200 day moving average price is $1.83. The company has a market cap of $95.78 million, a PE ratio of -7.06 and a beta of 1.72. Emeren Group has a 12-month low of $1.41 and a 12-month high of $3.50. The company has a quick ratio of 3.97, a current ratio of 3.65 and a debt-to-equity ratio of 0.09.

Hedge Funds Weigh In On Emeren Group

A number of hedge funds have recently bought and sold shares of the company. Shah Capital Management bought a new position in Emeren Group during the 4th quarter valued at about $50,885,000. Monaco Asset Management SAM lifted its stake in shares of Emeren Group by 40.6% in the 1st quarter. Monaco Asset Management SAM now owns 1,170,000 shares of the semiconductor company's stock worth $2,258,000 after purchasing an additional 337,650 shares during the period. GSA Capital Partners LLP lifted its stake in shares of Emeren Group by 9.7% in the 1st quarter. GSA Capital Partners LLP now owns 747,448 shares of the semiconductor company's stock worth $1,443,000 after purchasing an additional 66,284 shares during the period. Finally, Mercer Global Advisors Inc. ADV lifted its stake in shares of Emeren Group by 160.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 47,809 shares of the semiconductor company's stock worth $72,000 after purchasing an additional 29,484 shares during the period. Institutional investors own 44.08% of the company's stock.

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.