Shah Capital Management Acquires 26,843 Shares of Emeren Group Ltd (NYSE:SOL) Stock

Emeren Group Ltd (NYSE:SOL) Chairman Shah Capital Management purchased 26,843 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $1.83 per share, with a total value of $49,122.69. Following the acquisition, the chairman now directly owns 18,655,151 shares in the company, valued at $34,138,926.33. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Emeren Group Stock Down 1.6 %

Shares of NYSE SOL opened at $1.84 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 4.27 and a current ratio of 4.27. Emeren Group Ltd has a 52 week low of $1.41 and a 52 week high of $3.50. The stock has a market capitalization of $94.32 million, a P/E ratio of -7.08 and a beta of 1.71. The stock’s fifty day moving average is $1.70 and its 200 day moving average is $1.83.

Emeren Group (NYSE:SOL) last issued its quarterly earnings results on Tuesday, August 20th. The semiconductor company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Emeren Group had a negative return on equity of 3.15% and a negative net margin of 20.91%. The company had revenue of $30.06 million during the quarter, compared to the consensus estimate of $21.10 million. During the same quarter in the previous year, the business posted $0.14 EPS. Sell-side analysts forecast that Emeren Group Ltd will post 0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV increased its position in shares of Emeren Group by 160.9% in 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 during the period. GSA Capital Partners LLP increased its position in shares of Emeren Group by 9.7% in the first quarter. GSA Capital Partners LLP now owns 747,448 shares of the semiconductor company’s stock worth $1,443,000 after purchasing an additional 66,284 shares during the period. Finally, Monaco Asset Management SAM grew its position in Emeren Group by 40.6% in the first quarter. Monaco Asset Management SAM now owns 1,170,000 shares of the semiconductor company’s stock valued at $2,258,000 after acquiring an additional 337,650 shares during the last quarter. Institutional investors own 44.08% of the company’s stock.

Analyst Ratings Changes

SOL has been the subject of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Emeren Group in a report on Wednesday, August 21st. StockNews.com raised Emeren Group to a “sell” rating in a report on Friday, May 24th. Northland Capmk downgraded Emeren Group from a “hold” rating to a “strong sell” rating in a report on Friday, May 24th. 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 report on Friday, May 24th. Finally, Roth Mkm reissued a “buy” rating and set a $3.00 target price on shares of Emeren Group in a report on Wednesday, August 21st. Three research analysts have rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $4.88.

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.