During the last session, ReneSola Ltd (NYSE:SOL)’s traded shares were 1.59 million, with the beta value of the company hitting 2.09. At the end of the trading day, the stock’s price was $4.58, reflecting an intraday loss of -1.93% or -$0.09. The 52-week high for the SOL share is $10.00, that puts it down -118.34 from that peak though still a striking 24.45% gain since the share price plummeted to a 52-week low of $3.46. The company’s market capitalization is $294.26M, and the average intraday trading volume over the past 10 days was 1.25 million shares, and the average trade volume was 812.01K shares over the past three months.
ReneSola Ltd (SOL) received a consensus recommendation of a Buy from analysts. That translates to a mean rating of 1.70. SOL has a Sell rating from 0 analyst(s) out of 3 analysts who have looked at this stock. 0 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 3 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be -$0.05.
ReneSola Ltd (NYSE:SOL) trade information
ReneSola Ltd (SOL) registered a -1.93% downside in the last session and has traded in the green over the past 5 sessions. The stock plummet -1.93% in intraday trading to $4.58 this Wednesday, 06/22/22, hitting a weekly high. The stock’s 5-day price performance is 3.39%, and it has moved by 0.44% in 30 days. Based on these gigs, the overall price performance for the year is -43.73%. The short interest in ReneSola Ltd (NYSE:SOL) is 1.57 million shares and it means that shorts have 1.99 day(s) to cover.
The consensus price target of analysts on Wall Street is $11.50, which implies an increase of 60.17% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $10.00 and $12.50 respectively. As a result, SOL is trading at a discount of -172.93% off the target high and -118.34% off the low.
ReneSola Ltd (SOL) estimates and forecasts
Statistics show that ReneSola Ltd has underperformed its competitors in share price, compared to the industry in which it operates. ReneSola Ltd (SOL) shares have gone down -19.37% during the last six months, with a year-to-date growth rate less than the industry average at -38.10% against 22.70. Yet analysts are ramping up their growth forecast for the fiscal year 2022. Revenue is predicted to shrink -600.00% this quarter and then drop -70.00% in the quarter after that. In the rating firms’ projections, revenue will increase 39.50% compared to the previous financial year.
Revenue for the current quarter is expected to be $20.2 million as predicted by 2 analyst(s). Meanwhile, a consensus of 3 analyst(s) estimates revenue growth to $27.81 million by the end of Jun 2022. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $22.77 million and $18.53 million respectively. In this case, analysts expect current quarter sales to shrink by -11.30% and then jump by 50.10% in the coming quarter.
An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 83.70%. While earnings are projected to return 76.20% in 2022, the next five years will return 15.00% per annum.
ReneSola Ltd is due to release its next quarterly earnings between March 24 and March 28. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.
ReneSola Ltd (NYSE:SOL)’s Major holders
ReneSola Ltd insiders own 0.00% of total outstanding shares while institutional holders control 42.94%, with the float percentage being 42.94%. Shah Capital Management is the largest shareholder of the company, while 80 institutions own stock in it. As of Mar 30, 2022, the company held over 11.6 million shares (or 17.28% of all shares), a total value of $67.42 million in shares.
The next largest institutional holding, with 7.45 million shares, is of Invesco Ltd.’s that is approximately 11.09% of outstanding shares. At the market price on Dec 30, 2021, these shares were valued at $44.38 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 Jan 30, 2022 indicates that Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF owns about 3.23 million shares. This amounts to just over 4.82 percent of the company’s overall shares, with a $17.55 million market value. The same data shows that the other fund manager holds slightly less at 2.91 million, or about 4.33% of the stock, which is worth about $17.46 million.