During the last session, ReneSola Ltd (NYSE:SOL)’s traded shares were 1,717,397, with the beta value of the company hitting 2.42. At the end of the trading day, the stock’s price was $10.68, reflecting an intraday loss of -5.9% or -$0.67. The 52-week high for the SOL share is $35.77, that puts it down -234.93% from that peak though still a striking +91.48% gain since the share price plummeted to a 52-week low of $0.91. The company’s market capitalization is $743.13 Million, and the average intraday trading volume over the past 10 days was 4.45 Million shares, and the average trade volume was 4.43 Million shares over the past three months.
ReneSola Ltd (SOL) received a consensus recommendation of Overweight from analysts. That translates to a mean rating of 2.3. SOL has a Sell rating from none of the analyst(s) out of 3 analysts who have looked at this stock. 1 analyst(s) recommend to Hold the stock while 1 suggest Overweight, and 1 recommend a Buy rating for it. None of the analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be -$0.02.
ReneSola Ltd (NYSE:SOL): Trading Information
ReneSola Ltd (SOL) registered a -5.9% downside in the last session and has traded in the red over the past 5 sessions. The stock spiked 17.97% in intraday trading to $13.02 this Wednesday, Mar 31, hitting a weekly high. The stock’s 5-day price performance is -9.8%, and it has moved by -1.48% in 30 days. Despite these dips, the overall price performance for the year is -6.56%. The short interest in ReneSola Ltd (NYSE:SOL) is 2.11 Million shares and it means that shorts have 0.48 day(s) to cover.
The consensus price target of analysts on Wall Street is $13.5, which implies an increase of 26.4% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $11 and $15 respectively. As a result, SOL is trading at a discount of 40.45% off the target high and 3% off the low.
ReneSola Ltd (SOL) projections and forecasts
Statistics show that ReneSola Ltd has outperformed its competitors in share price, compared to the industry in which it operates. ReneSola Ltd (SOL) shares have gone up +401.41% during the last six months, with a year-to-date growth rate more than the industry average at 122.22% against 30.1%. Yet analysts are ramping up their growth forecast for the fiscal year 2021. Revenue is predicted to grow 77.8% this quarter and then fall -33.3% in the quarter after that. In the rating firms’ projections, revenue will increase 33.3% compared to the previous financial year.
Revenue for the current quarter is expected to be $19.04 Million as predicted by 3 analyst(s). Meanwhile, a consensus of 3 analyst(s) estimates revenue growth to $23.2 Million by the end of June 2021. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $21.16 Million and $26.19 Million respectively. In this case, analysts expect current quarter sales to lessen by -10% and then fell by -11.4% in the coming quarter.
An analysis of the company’s performance over the past 5 years shows that the company’s earnings fell an estimated -5.7%. While earnings are projected to return -33.3% in 2021, the next five years will return 15% per annum.
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ReneSola Ltd (NYSE:SOL)’s Biggest Investors
ReneSola Ltd insiders own 0% of total outstanding shares while institutional holders control 33.05%, with the float percentage being 33.05%. Shah Capital Management is the largest shareholder of the company, while 37 institutions own stock in it. As of Dec 30, 2020, the company held over 11.61 Million shares (or 16.69% of all shares), a total value of $132.75 Million in shares.
The next largest institutional holding, with 6.5 Million shares, is of Invesco Ltd.’s that is approximately 9.34% of outstanding shares. At the market price on Dec 30, 2020, these shares were valued at $74.27 Million.
Also, the Mutual Funds coming in first place with the largest holdings of ReneSola Ltd (SOL) shares are Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and Invesco ETF TR II-Invesco Solar ETF. Data provided on Feb 27, 2021 indicates that Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF owns about 6,126,075 shares. This amounts to just over 8.8 percent of the company’s overall shares, with a $91.52 Million market value. The same data shows that the other fund manager holds slightly less at 1.64 Million, or about 2.35% of the stock, which is worth about $24.44 Million.