StockNews.com Upgrades Emeren Group (NYSE:SOL) to "Hold"

StockNews.com upgraded shares of Emeren Group (NYSE:SOL - Free Report) from a sell rating to a hold rating in a report issued on Thursday morning.

A number of other analysts have also recently issued reports on SOL. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price objective on shares of Emeren Group in a research report on Friday, November 15th. Roth Mkm reaffirmed a "buy" rating and issued a $3.00 price objective on shares of Emeren Group in a research report on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $3.83.

Emeren Group Stock Performance

Shares of NYSE SOL opened at $1.87 on Thursday. The stock has a 50 day moving average price of $2.40 and a 200 day moving average price of $1.98. Emeren Group has a 52 week low of $1.41 and a 52 week high of $3.00. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.34 and a current ratio of 4.34. The stock has a market capitalization of $95.85 million, a PE ratio of -14.38 and a beta of 1.73.

Emeren Group (NYSE:SOL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 20th. The semiconductor company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.06). Emeren Group had a negative net margin of 7.14% and a negative return on equity of 2.05%. The company had revenue of $30.06 million for the quarter, compared to analyst estimates of $21.10 million. During the same period last year, the company posted $0.14 earnings per share. Analysts predict that Emeren Group will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Shah Capital Management acquired 26,843 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $1.83 per share, for a total transaction of $49,122.69. Following the purchase, the chairman now directly owns 18,655,151 shares in the company, valued at approximately $34,138,926.33. The trade was a 0.14 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 37.31% of the company's stock.

Hedge Funds Weigh In On Emeren Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Long Run Wealth Advisors LLC bought a new position in Emeren Group during the 3rd quarter worth $28,000. Mercer Global Advisors Inc. ADV increased 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 valued at $72,000 after purchasing an additional 29,484 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Emeren Group in the 3rd quarter valued at $88,000. Institutional investors own 44.08% of the company's stock.

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.