Shah Capital Management Buys 12,710 Shares of Emeren Group Ltd (NYSE:SOL) Stock

Emeren Group Ltd (NYSE:SOL) Chairman Shah Capital Management bought 12,710 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was bought at an average cost of $1.77 per share, for a total transaction of $22,496.70. Following the acquisition, the chairman now owns 18,755,172 shares of the company’s stock, valued at approximately $33,196,654.44. This trade represents a 0.07 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Emeren Group Stock Down 2.1 %

Shares of NYSE SOL opened at $1.86 on Wednesday. The stock has a market capitalization of $95.33 million, a price-to-earnings ratio of -14.31 and a beta of 1.64. Emeren Group Ltd has a 52 week low of $1.41 and a 52 week high of $3.00. The firm has a 50-day moving average price of $2.18 and a 200 day moving average price of $1.97. The company has a quick ratio of 4.34, a current ratio of 4.34 and a debt-to-equity ratio of 0.10.

Institutional Investors Weigh In On Emeren Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Long Run Wealth Advisors LLC purchased a new position in Emeren Group in the 3rd quarter valued at approximately $28,000. Mercer Global Advisors Inc. ADV boosted its position in Emeren Group by 160.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 47,809 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 29,484 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Emeren Group in the third quarter valued at $88,000. 44.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SOL shares. Roth Mkm reissued a “buy” rating and issued a $3.00 price objective on shares of Emeren Group in a research note on Wednesday, August 21st. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Emeren Group in a research note on Friday, November 15th. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price objective on shares of Emeren Group in a report on Monday. Finally, StockNews.com raised Emeren Group from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. Three research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $4.38.

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.