Emeren Group (NYSE:SOL) Stock Passes Above 200 Day Moving Average – Here’s Why

Emeren Group Ltd. Sponsored ADR (NYSE:SOL) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.80 and traded as high as $1.8499. Emeren Group shares last traded at $1.8350, with a volume of 139,949 shares.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SOL. Weiss Ratings reiterated a “sell (d-)” rating on shares of Emeren Group in a research report on Wednesday, October 8th. Wall Street Zen cut shares of Emeren Group from a “hold” rating to a “sell” rating in a research report on Friday, August 22nd. Two research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $5.00.

Emeren Group Price Performance

The firm has a fifty day moving average of $1.87 and a two-hundred day moving average of $1.80. The company has a current ratio of 4.24, a quick ratio of 4.24 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $94.18 million, a PE ratio of -22.94 and a beta of 2.22.

Emeren Group (NYSE:SOL) last announced its quarterly earnings results on Tuesday, August 19th. The semiconductor company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.04. Emeren Group had a negative return on equity of 1.16% and a negative net margin of 5.77%.The business had revenue of $12.88 million for the quarter, compared to analysts’ expectations of $18.57 million. Research analysts anticipate that Emeren Group Ltd. Sponsored ADR will post 0.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Emeren Group

A number of large investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP raised its stake in shares of Emeren Group by 67.9% during the third quarter. GSA Capital Partners LLP now owns 214,437 shares of the semiconductor company’s stock valued at $405,000 after acquiring an additional 86,720 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Emeren Group by 2.9% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 213,681 shares of the semiconductor company’s stock valued at $404,000 after purchasing an additional 6,093 shares during the last quarter. Jane Street Group LLC bought a new position in Emeren Group during the 2nd quarter valued at approximately $179,000. XTX Topco Ltd purchased a new stake in Emeren Group in the 2nd quarter worth approximately $44,000. Finally, Virtu Financial LLC bought a new stake in shares of Emeren Group in the 1st quarter worth approximately $47,000. Institutional investors own 44.08% of the company’s stock.

Emeren Group Company Profile

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.