Analysts Expect Renesola Ltd. (SOL) to Announce ($0.16) Earnings Per Share

Shares of Renesola Ltd. (NYSE:SOL) have been given a consensus broker rating score of 5.00 (Strong Sell) from the one brokers that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong sell recommendation.

Analysts have set a 1 year consensus target price of $0.65 for the company and are forecasting that the company will post ($0.16) EPS for the current quarter, according to Zacks. Zacks has also given Renesola an industry rank of 240 out of 265 based on the ratings given to related companies.

Several equities research analysts recently issued reports on SOL shares. Zacks Investment Research upgraded Renesola from a “sell” rating to a “hold” rating in a report on Tuesday, October 25th. Credit Suisse Group reissued an “underperform” rating and issued a $1.00 price objective on shares of Renesola in a research report on Monday, November 14th. Finally, Roth Capital reissued a “sell” rating and issued a $0.65 price objective (down previously from $1.00) on shares of Renesola in a research report on Thursday, December 1st.

Shares of Renesola (NYSE:SOL) traded up 2.9496% on Wednesday, hitting $0.6806. The company had a trading volume of 296,271 shares. The firm’s market capitalization is $68.74 million. Renesola has a 1-year low of $0.61 and a 1-year high of $1.72. The company has a 50 day moving average price of $0.69 and a 200 day moving average price of $0.99.

Renesola (NYSE:SOL) last announced its quarterly earnings results on Tuesday, November 29th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by $0.03. Renesola had a negative return on equity of 2.40% and a negative net margin of 0.26%. The company had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $200.90 million. During the same quarter last year, the company posted $0.06 EPS. The company’s quarterly revenue was down 49.2% compared to the same quarter last year. On average, equities analysts forecast that Renesola will post ($0.26) earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. KCG Holdings Inc. boosted its position in shares of Renesola by 164.5% in the second quarter. KCG Holdings Inc. now owns 89,877 shares of the company’s stock worth $111,000 after buying an additional 55,897 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of Renesola during the second quarter worth approximately $197,000. KBC Group NV boosted its position in shares of Renesola by 22.2% in the third quarter. KBC Group NV now owns 220,219 shares of the company’s stock worth $222,000 after buying an additional 40,059 shares in the last quarter. Finally, Shah Capital Management boosted its position in shares of Renesola by 17.7% in the third quarter. Shah Capital Management now owns 5,777,962 shares of the company’s stock worth $5,835,000 after buying an additional 869,427 shares in the last quarter. 11.71% of the stock is currently owned by hedge funds and other institutional investors.

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Renesola Company Profile

ReneSola Ltd is a holding company. The Company is a brand and technology provider of energy-efficient products based in China. The Company’s segments include wafer sales, cell and module sales, and solar power projects. The wafer sales segment involves the manufacture and sales of monocrystalline and multicrystalline solar wafers and processing services.

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