Northland Capmk Lowers Emeren Group (NYSE:SOL) to Strong Sell

Northland Capmk cut shares of Emeren Group (NYSE:SOL) from a hold rating to a strong sell rating in a research note published on Friday morning, Zacks.com reports. Northland Capmk also issued estimates for Emeren Group’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.08 EPS and FY2024 earnings at $0.16 EPS.

Several other analysts also recently weighed in on the company. Northland Securities downgraded Emeren Group from a market perform rating to an under perform rating and set a $1.50 target price for the company. in a research note on Friday. StockNews.com raised shares of Emeren Group to a sell rating in a research report on Friday. Finally, HC Wainwright reissued a buy rating and set a $7.00 price objective on shares of Emeren Group in a report on Friday. Three investment analysts have rated the stock with a sell rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $5.38.

Emeren Group Stock Down 7.1 %

NYSE SOL opened at $1.95 on Friday. Emeren Group has a 12 month low of $1.54 and a 12 month high of $4.28. The company has a market capitalization of $117.43 million, a P/E ratio of -7.50 and a beta of 1.80. The company’s 50 day simple moving average is $1.94 and its 200 day simple moving average is $2.16. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.40 and a quick ratio of 5.40.

Emeren Group (NYSE:SOL) last posted its quarterly earnings data on Thursday, March 28th. The semiconductor company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.06). Emeren Group had a negative return on equity of 0.88% and a negative net margin of 12.70%. The firm had revenue of $44.00 million for the quarter, compared to analysts’ expectations of $39.22 million. Equities research analysts expect that Emeren Group will post 0.3 earnings per share for the current fiscal year.

Institutional Trading of Emeren Group

Several hedge funds and other institutional investors have recently bought and sold shares of SOL. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Emeren Group in the 3rd quarter valued at $36,000. Janney Montgomery Scott LLC bought a new position in Emeren Group in the third quarter valued at about $44,000. Aigen Investment Management LP raised its stake in Emeren Group by 74.1% during the third quarter. Aigen Investment Management LP now owns 19,737 shares of the semiconductor company’s stock worth $61,000 after acquiring an additional 8,401 shares in the last quarter. Alpine Global Management LLC bought a new position in shares of Emeren Group in the third quarter worth about $62,000. Finally, Quadrature Capital Ltd boosted its stake in shares of Emeren Group by 42.0% in the 3rd quarter. Quadrature Capital Ltd now owns 59,685 shares of the semiconductor company’s stock valued at $184,000 after purchasing an additional 17,659 shares in the last quarter. Institutional investors and hedge funds own 44.08% of the company’s stock.

Emeren Group Company Profile

Emeren Group Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It owns and operates 3 gigawatt pipeline of projects and independent power producer assets. The company also develops community solar gardens; and sells project rights. In addition, it engages in engineering design; procurement of solar modules; balance-of-system components and other components; and construction contracting and management services.