ReneSola Ltd (NYSE: SOL) is -6.56% lower on its value in year-to-date trading and has touched a low of $0.91 and a high of $35.77 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The SOL stock was last observed hovering at around $11.35 in the last trading session, with the day’s loss setting it -0.67% off its average median price target of $14.50 for the next 12 months. It is also 28.8% off the consensus price target high of $15.00 offered by 3 analysts, but current levels are 2.91% higher than the price target low of $11.00 for the same period.
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Currently trading at $10.68, the stock is -15.49% and -36.17% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 1.71 million and changing -5.90% at the moment leaves the stock 32.33% off its SMA200. SOL registered 893.12% gain for a year compared to 6-month gain of 401.41%. The firm has a 50-day simple moving average (SMA 50) of $13.87 and a 200-day simple moving average (SMA200) of $11.06.
The stock witnessed a 6.80% loss in the last 1 month and extending the period to 3 months gives it a -27.45%, and is -9.80% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 10.79% over the week and 15.04% over the month.
ReneSola Ltd (SOL) has around 159 employees, a market worth around $801.64M and $83.60M in sales. Fwd P/E is 28.63. Profit margin for the company is -12.10%. Distance from 52-week low is 1073.63% and -70.15% from its 52-week high. The company has generated returns on investments over the last 12 months (-1.10%).
ReneSola Ltd (SOL) Analyst Forecasts
Analyst recommendations provided by FactSet shows that the consensus forecast for ReneSola Ltd (SOL) is a “Overweight”. 3 analysts offering their recommendations for the stock have an average rating of 2.30, where 1 rate it as a Hold and 1 think it is a “Overweight”. 1 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.
ReneSola Ltd is expected to release its quarterly report on 08/25/2021 and quarterly earnings per share for the current quarter are estimated at -$0.02 with sales reaching $19.04M over the same period.The EPS is expected to shrink by -33.30% this year, but quarterly earnings will post 33.30% year-over-year. Quarterly sales are estimated to shrink -10.00% in year-over-year returns.
ReneSola Ltd (SOL) Top Institutional Holders
37 institutions hold shares in ReneSola Ltd (SOL), with institutional investors hold 33.05% of the company’s shares. The shares outstanding are 69.58M, and float is at 25.98M with Short Float at 8.10%. Institutions hold 33.05% of the Float.
The top institutional shareholder in the company is Shah Capital Management with over 11.61 million shares valued at $132.75 million. The investor’s holdings represent 16.69% of the SOL Shares outstanding. As of Dec 30, 2020, the second largest holder is Invesco Ltd. with 6.5 million shares valued at $74.27 million to account for 9.34% of the shares outstanding. The other top investors are State Street Corporation which holds 2.6 million shares representing 3.74% and valued at over $29.71 million, while Renaissance Technologies, LLC holds 0.62% of the shares totaling 0.43 million with a market value of $4.94 million.
ReneSola Ltd (SOL) Insider Activity
A total of 5 insider transactions have happened at ReneSola Ltd (SOL) in the last six months, with sales accounting for 5 and purchases happening 0 times. The most recent transaction is an insider sale by SHAH CAPITAL MANAGEMENT ,the company’sCFO. SEC filings show that SHAH CAPITAL MANAGEMENT sold 26,000 shares of the company’s common stock on Dec 31 at a price of $11.90 per share for a total of $0.31 million. Following the sale, the insider now owns 11.16 million shares.
ReneSola Ltd disclosed in a document filed with the SEC on Dec 30 that SHAH CAPITAL MANAGEMENT (CFO) sold a total of 360,427 shares of the company’s common stock. The trade occurred on Dec 30 and was made at $12.68 per share for $4.57 million. Following the transaction, the insider now directly holds 0.45 million shares of the SOL stock.
Still, SEC filings show that on Dec 29, SHAH CAPITAL MANAGEMENT (CFO) disposed off 200,500 shares at an average price of $12.25 for $2.46 million. The insider now directly holds 11,499,500 shares of ReneSola Ltd (SOL).
ReneSola Ltd (SOL): Who are the competitors?
The company’s main competitors (and peers) include Canadian Solar Inc. (CSIQ) that is trading 179.29% up over the past 12 months and Daqo New Energy Corp. (DQ) that is 546.17% higher over the same period. JinkoSolar Holding Co. Ltd. (JKS) is 166.64% up on the 1-year trading charts. Short interest in the company’s stock has risen 5.38% from the last report on Mar 14, 2021 to stand at a total of 2.11 million short shares sold with a short interest ratio of 0.61.