Zacks Investment Research Lowers ReneSola (NYSE:SOL) to Sell
Zacks Investment Research lowered shares of ReneSola (NYSE:SOL) from a hold rating to a sell rating in a research report sent to investors on Monday, Zacks.com reports. They currently have $1.00 price target on the semiconductor company’s stock.
According to Zacks, “ReneSola is currently expanding its business in the international markets of Vietnam, Canada, Poland, Hungary, France, Spain and Turkey. Also, the company is actively pursuing opportunities in new markets, including South Korea and India. Its revenue growth prospects from the nation seems bleak, with the U.S. administration having imposed a tariff of 30% on the import of solar panels and modules. On the domestic front, the company believes the China rooftop solar market to be a significant space for its expansion. However, solar industry trends and market volatility along with unfavorable changes in supply and demand for solar power products throughout the value chain may pose potential threats to the business. Moreover, over the past year, its share price has underperformed its industry.”
SOL has been the subject of a number of other research reports. Roth Capital reissued a neutral rating on shares of ReneSola in a research note on Thursday, June 27th. ValuEngine raised ReneSola from a hold rating to a buy rating in a research report on Tuesday, July 2nd. Finally, Imperial Capital reaffirmed an outperform rating and set a $22.00 price target (up previously from $20.00) on shares of ReneSola in a research report on Thursday, May 2nd.
ReneSola (NYSE:SOL) last released its earnings results on Thursday, June 27th. The semiconductor company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). The firm had revenue of $13.06 million during the quarter, compared to the consensus estimate of $8.70 million. As a group, equities research analysts forecast that ReneSola will post 0.06 earnings per share for the current fiscal year.
An institutional investor recently raised its position in ReneSola stock. Susquehanna International Group LLP lifted its position in ReneSola Ltd. (NYSE:SOL) by 21.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 190,398 shares of the semiconductor company’s stock after purchasing an additional 33,544 shares during the quarter. Susquehanna International Group LLP owned 0.50% of ReneSola worth $244,000 at the end of the most recent quarter. 12.69% of the stock is owned by hedge funds and other institutional investors.
ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It operates through three segments: solar power project development, EPC services, and electricity revenue generation. The company also develops community solar gardens; and sells projects rights. In addition, its engineering, and procurement and construction business includes engineering design, procurement of solar modules, balance-of-system and other components, and construction contracting and management services.
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