Shah Capital Management Buys 26,843 Shares of Emeren Group Ltd (NYSE:SOL) Stock

Emeren Group Ltd (NYSE:SOL - Get Free Report) 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 purchase, the chairman now owns 18,655,151 shares of the company's stock, valued at approximately $34,138,926.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Emeren Group Stock Performance

Shares of NYSE:SOL traded down $0.03 during midday trading on Thursday, reaching $1.84. 120,610 shares of the company's stock traded hands, compared to its average volume of 372,369. The company has a market cap of $94.32 million, a price-to-earnings ratio of -7.19 and a beta of 1.71. The company has a debt-to-equity ratio of 0.07, a quick ratio of 4.27 and a current ratio of 4.27. Emeren Group Ltd has a one year low of $1.41 and a one year high of $3.50. The stock has a 50 day moving average of $1.69 and a 200 day moving average of $1.83.

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 analysts' consensus estimates of $0.07 by ($0.06). Emeren Group had a negative net margin of 20.91% and a negative return on equity of 3.15%. The firm had revenue of $30.06 million during the quarter, compared to the consensus estimate of $21.10 million. During the same period in the prior year, the company posted $0.14 EPS. As a group, equities research analysts anticipate that Emeren Group Ltd will post 0.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SOL shares. Northland Securities lowered 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. HC Wainwright restated a "buy" rating and issued a $7.00 price objective on shares of Emeren Group in a research note on Wednesday, August 21st. StockNews.com upgraded Emeren Group to a "sell" rating in a research note on Friday, May 24th. Northland Capmk cut Emeren Group from a "hold" rating to a "strong sell" rating in a report on Friday, May 24th. Finally, Roth Mkm reissued a "buy" rating and set a $3.00 price objective on shares of Emeren Group in a report on Wednesday, August 21st. Three investment analysts have rated the stock with a sell rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $4.88.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Monaco Asset Management SAM increased its position in Emeren Group by 49.6% in the fourth quarter. Monaco Asset Management SAM now owns 832,350 shares of the semiconductor company's stock worth $2,272,000 after buying an additional 276,023 shares in the last quarter. GSA Capital Partners LLP increased its position in Emeren Group by 9.7% in the first quarter. GSA Capital Partners LLP now owns 747,448 shares of the semiconductor company's stock worth $1,443,000 after buying an additional 66,284 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in 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 worth $72,000 after buying an additional 29,484 shares in the last quarter. Institutional investors own 44.08% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.