Ready to Jump After Recent Trade: ReneSola Ltd (SOL)

ReneSola Ltd (NYSE: SOL) stock jumped 1.84% on Thursday to $6.08 against a previous-day closing price of $5.97. With 1.37 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.79 million shares. During the session, the Solar company that operates in wider Technology sector, reached to the highest price of $6.32 whereas the lowest price it dropped to was $5.91. The 52-week range on SOL shows that it touched its highest point at $9.72 and its lowest point at $3.46 during that stretch. It currently has a 1-year price target of $10.00. Beta for the stock currently stands at 2.19.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of SOL was up-trending over the past week, with a rise of 19.22%, but this was down by -7.88% over a month. Three-month performance surged to 21.12% while six-month performance fell -6.32%. The stock lost -15.32% in the past year, while it has gained 2.01% so far this year. A look at the trailing 12-month EPS for SOL yields 0.06 with Next year EPS estimates of 0.23. For the next quarter, that number is 0.03. This implies an EPS growth rate of 76.20% for this year and 91.67% for next year. EPS is expected to grow by 15.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 83.70%.

Float and Shares Shorts:

At present, 66.92 million SOL shares are outstanding with a float of 20.26 million shares on hand for trading. On Jul 14, 2022, short shares totaled 1.47 million, which was 2.19% higher than short shares on Jun 14, 2022. In addition to Mr. Yumin Liu as the firm’s Chief Exec. Officer, Mr. Ke Chen serves as its Chief Financial Officer.


Institutional Ownership:

Through their ownership of 42.65% of SOL’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 22.25% of SOL, in contrast to 18.99% held by mutual funds. Shares owned by individuals account for 18.59%. As the largest shareholder in SOL with 18.99% of the stake, Shah Capital Management, Inc. holds 12,749,559 shares worth 12,749,559. A second-largest stockholder of SOL, Invesco Capital Management LLC, holds 6,435,567 shares, controlling over 9.59% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in SOL, holding 3,620,045 shares or 5.39% stake. With a 4.72% stake in SOL, the Invesco Solar ETF is the largest stakeholder. A total of 3,166,747 shares are owned by the mutual fund manager. The Invesco WilderHill Clean Energy E, which owns about 3.98% of SOL stock, is the second-largest Mutual Fund holder. It holds 2,668,655 shares valued at 15.58 million. SPDR S&P Kensho New Economies Com holds 3.95% of the stake in SOL, owning 2,650,771 shares worth 15.48 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SOL since 4 analysts follow the stock currently. There are 4 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With SOL analysts setting a high price target of $12.00 and a low target of $8.00, the average target price over the next 12 months is $10.00. Based on these targets, SOL could surge 97.37% to reach the target high and rise by 31.58% to reach the target low. Reaching the average price target will result in a growth of 64.47% from current levels.


EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. SOL will report FY 2022 earnings on 03/23/2023. Analysts have provided yearly estimates in a range of $0.11 being high and $0.10 being low. For SOL, this leads to a yearly average estimate of $0.10. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. ReneSola Ltd surprised analysts by -$0.03 when it reported -$0.01 EPS against a consensus estimate of $0.02. The surprise factor in the prior quarter was $0.04. Based on analyst estimates, the high estimate for the next quarter is $0.02 and the low estimate is -$0.01. The average estimate for the next quarter is thus $0.01.

Summary of Insider Activity:

Insiders traded SOL stock several times over the past three months with 3 Buys and 0 Sells. In these transactions, 729,948 shares were bought while 0 shares were sold. The number of buy transactions has increased to 8 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 1,458,456 while 0 shares were sold.

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