Emeren Group (NYSE:SOL) Issues Earnings Results

Emeren Group (NYSE:SOL - Get Free Report) issued its earnings results on Tuesday. The semiconductor company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.06), Yahoo Finance reports. Emeren Group had a negative return on equity of 0.89% and a negative net margin of 12.70%. The firm had revenue of $30.06 million during the quarter, compared to the consensus estimate of $21.10 million. During the same period last year, the firm posted $0.14 earnings per share. Emeren Group updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Emeren Group Trading Up 5.4 %

NYSE SOL traded up $0.10 during trading on Wednesday, hitting $1.95. The stock had a trading volume of 644,295 shares, compared to its average volume of 386,027. Emeren Group has a one year low of $1.41 and a one year high of $3.50. The stock has a 50 day simple moving average of $1.62 and a 200 day simple moving average of $1.83. The stock has a market capitalization of $99.88 million, a price-to-earnings ratio of -7.46 and a beta of 1.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.97 and a current ratio of 3.65.

Wall Street Analysts Forecast Growth

SOL has been the subject of a number of research reports. Northland Capmk downgraded Emeren Group from a "hold" rating to a "strong sell" rating in a research report on Friday, May 24th. Roth Mkm reissued a "buy" rating and issued a $3.00 price objective on shares of Emeren Group in a research note on Wednesday. Northland Securities cut shares of Emeren Group from a "market perform" rating to an "under perform" rating and set a $1.50 target price on the stock. in a research report on Friday, May 24th. StockNews.com upgraded Emeren Group to a "sell" rating in a research report on Friday, May 24th. Finally, HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of Emeren Group in a research report on Wednesday. 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 data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $4.88.

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.