Emeren Group (NYSE:SOL) Share Price Passes Above 200 Day Moving Average of $1.84

Emeren Group Ltd (NYSE:SOL - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.84 and traded as high as $2.40. Emeren Group shares last traded at $2.34, with a volume of 308,919 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Roth Mkm reaffirmed a "buy" rating and set a $3.00 price objective on shares of Emeren Group in a report on Wednesday, August 21st. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of Emeren Group in a research note on Wednesday, August 21st. Three research analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $4.88.

Emeren Group Trading Up 1.3 %

The stock has a market capitalization of $121.49 million, a price-to-earnings ratio of -9.12 and a beta of 1.71. The company's 50-day moving average is $1.88 and its 200-day moving average is $1.84. The company has a quick ratio of 4.27, a current ratio of 4.27 and a debt-to-equity ratio of 0.07.

Emeren Group (NYSE:SOL - Get Free Report) last released its quarterly earnings data on Tuesday, August 20th. The semiconductor company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.06). Emeren Group had a negative return on equity of 3.15% and a negative net margin of 20.91%. The firm had revenue of $30.06 million for the quarter, compared to analyst estimates of $21.10 million. During the same quarter in the previous year, the business posted $0.14 earnings per share. Research analysts anticipate that Emeren Group Ltd will post 0.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Shah Capital Management purchased 26,843 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $1.83 per share, for a total transaction of $49,122.69. Following the completion of the transaction, the chairman now directly owns 18,655,151 shares in the company, valued at $34,138,926.33. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 18.02% of the stock is owned by company insiders.

Institutional Investors Weigh In On Emeren Group

A number of institutional investors have recently made changes to their positions in SOL. GSA Capital Partners LLP grew its holdings in shares of Emeren Group by 9.7% in the first quarter. GSA Capital Partners LLP now owns 747,448 shares of the semiconductor company's stock valued at $1,443,000 after purchasing an additional 66,284 shares in the last quarter. Monaco Asset Management SAM grew its holdings in shares of Emeren Group by 40.6% in the first quarter. Monaco Asset Management SAM now owns 1,170,000 shares of the semiconductor company's stock valued at $2,258,000 after purchasing an additional 337,650 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of Emeren Group by 160.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 47,809 shares of the semiconductor company's stock valued at $72,000 after purchasing an additional 29,484 shares in the last quarter. 44.08% of the stock is currently owned by institutional investors and hedge funds.

About Emeren Group

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.