Emeren Group Ltd ADR: Why Investors Shouldn’t Get Rid Of SOL Stock In 2024

In today’s recent session, 1.29 million shares of the Emeren Group Ltd ADR (NYSE:SOL) have been traded, and its beta is 1.77. Most recently the company’s share price was $2.46, and it changed around $0.53 or 27.72% from the last close, which brings the market valuation of the company to $148.57M. SOL at last check was trading at a discount to its 52-week high of $4.54, offering almost -84.55% off that amount. The share price’s 52-week low was $1.54, which indicates that the recent value has risen by an impressive 37.4% since then. We note from Emeren Group Ltd ADR’s average daily trading volume that its 10-day average is 0.44 million shares, with the 3-month average coming to 523.65K.

Emeren Group Ltd ADR stock received a consensus recommendation rating of Hold, based on a mean score of 1.50. If we narrow it down even further, the data shows that 0 out of 1 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 1 recommended SOL as a Hold, whereas 0 deemed it a Buy, and 0 rated it as Underweight. Emeren Group Ltd ADR is expected to report earnings per share of $0.05 for the current quarter.

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Emeren Group Ltd ADR (NYSE:SOL) trade information

Instantly SOL has been showing a green trend so far today with a performance of 27.72% on intraday trading today. The performance over the last five days has remained in the green territory. The company’s shares are currently down -9.71% year-to-date, but still up 33.24% over the last five days. On the other hand, Emeren Group Ltd ADR (NYSE:SOL) is 10.54% up in the 30-day period. We can see from the shorts that 1.63 million shares have been sold at a short interest cover period of 3.06 day(s).

The consensus price target as assigned by Wall Street analysts is $10, which translates to bulls needing to increase their stock price by 75.4% from its current value. Analyst projections state that SOL is forecast to be at a low of $10 and a high of $10.

Emeren Group Ltd ADR (SOL) estimates and forecasts

Emeren Group Ltd ADR share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -19.44 percent over the past six months and at a 1,700.00% annual growth rate that is well above the industry average of 8.00%. The year-over-year growth rate is expected to be 42.00%, up from the previous year.

Consensus estimates provided by 4 financial analysts predict the company will bring in an average of $31.74 million in revenue for the current quarter. 4 analysts expect Emeren Group Ltd ADR to make $35.02 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $12.88 million and $39.1 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 146.50%. Forecasts for the next quarter put sales growth at -10.40%.

Emeren Group Ltd ADR earnings are expected to increase by 334.38% in 2024, but the outlook is positive 15.00% per year for the next five years.

SOL Dividends

Emeren Group Ltd ADR’s next quarterly earnings report is expected to be released around May 29 and June 03.

Emeren Group Ltd ADR (NYSE:SOL)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.90% of Emeren Group Ltd ADR shares, and 44.90% of them are in the hands of institutional investors. The stock currently has a share float of 45.31%. Emeren Group Ltd ADR stock is held by 70 institutions, with Shah Capital Management being the largest institutional investor. By Sep 29, 2023, it held 99.85% of the shares, which is about 17.43 million shares worth $53.69 million.

Invesco Ltd., with 24.61% or 4.3 million shares worth $16.29 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and Invesco ETF TR II-Invesco Solar ETF were the top two Mutual Funds as of Aug 30, 2023. The former held 2.26 million shares worth $7.84 million, making up 12.93% of all outstanding shares. On the other hand, Invesco ETF TR II-Invesco Solar ETF held roughly 1.52 million shares worth around $5.29 million, which represents about 8.73% of the total shares outstanding.