Emeren Group (NYSE:SOL) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Emeren Group Ltd (NYSE:SOL) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.92 and traded as high as $2.58. Emeren Group shares last traded at $2.56, with a volume of 134,504 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently 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. StockNews.com upgraded shares of Emeren Group from a “sell” rating to a “hold” rating in a report on Thursday, October 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Emeren Group in a report on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.83.

Emeren Group Trading Up 2.8 %

The company has a debt-to-equity ratio of 0.07, a current ratio of 4.27 and a quick ratio of 4.27. The stock has a market capitalization of $131.23 million, a PE ratio of -6.56 and a beta of 1.71. The stock’s 50 day simple moving average is $2.20 and its two-hundred day simple moving average is $1.92.

Emeren Group (NYSE:SOL) last released its quarterly earnings data on Tuesday, August 20th. The semiconductor company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Emeren Group had a negative net margin of 20.91% and a negative return on equity of 3.15%. The company had revenue of $30.06 million for the quarter, compared to the consensus estimate of $21.10 million. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, sell-side analysts expect that Emeren Group Ltd will post 0.33 EPS for the current year.

Insider Transactions at Emeren Group

In other news, Chairman Shah Capital Management acquired 26,843 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $1.83 per share, for a total transaction of $49,122.69. Following the acquisition, the chairman now owns 18,655,151 shares of the company’s stock, valued at $34,138,926.33. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 37.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV raised its stake in 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 buying an additional 29,484 shares in the last quarter. GSA Capital Partners LLP grew its stake 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 acquiring an additional 66,284 shares during the last quarter. Finally, Monaco Asset Management SAM grew its position in Emeren Group by 40.6% during the 1st quarter. Monaco Asset Management SAM now owns 1,170,000 shares of the semiconductor company’s stock valued at $2,258,000 after purchasing an additional 337,650 shares during the last quarter. Hedge funds and other institutional investors own 44.08% of the company’s stock.

About Emeren Group

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.