Major Brokerage Firms Issue Research Notes on ReneSola Ltd (SOL)

ReneSola Ltd (NYSE:SOL) saw an upside of 5.06% to close Monday at $6.64 after adding $0.32 on the day. The 5-day average trading volume is 872,800 shares of the company’s common stock. It has gained $6.83 in the past week. An average of 1,149,700 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 1,024,028.

SOL’s 1-month performance is -6.74% or -$0.48 on its low of $5.99 reached on 10/06/21. The company’s shares have touched a 52-week low of $2.97 and high of $35.77, with the stock’s rally to the 52-week high happening on 01/22/21. YTD, SOL has lost -41.91% or -$4.79. However, the current price is down -81.44%% from the 52-week high price.


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Insider Transactions

On Dec 31, 285 days have gone by since the last insider trading activity for ReneSola Ltd (SOL). SHAH CAPITAL MANAGEMENT (CFO) most recently sold 26,000 shares at $11.90 per share on Dec 31. This transaction cost the insider $309,400. CFO, SHAH CAPITAL MANAGEMENT, sold 360,427 shares at a price of $12.68 on Dec 30. Then, on Dec 29, CFO SHAH CAPITAL MANAGEMENT sold 200,500 shares at a price of $12.25 per share. This transaction amounted to $2,456,125.

Valuation Metrics

The company’s PE ratio for the last five years has touched a high of 95.20 and a low of 0.4563. SOL stock has a beta of 2.23. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 6.93 while the price-to-book (PB) in the most recent quarter is 1.10.

ReneSola Ltd’s quick ratio for the period ended June 29 was 9.80, with the current ratio over the same period at 9.80 meaning that SOL stock is able to fulfill its debt obligations. As well, the company’s long term debt to equity for the quarter ending June 29 was 0.09, while the total debt to equity was 0.12. In terms of profitability, the gross margin trailing 12 months is 38.50%. The trailing 12-month EBITDA margin is 13.51% while for the period ending June 29; ReneSola Ltd’s operating margin was 21.80%. The firm’s gross profit as reported stood at $16.69 million against revenue of $73.5 million.

Earnings Surprise

For the quarterly period ending June 29 this year, Net income and sales went down compared to those figures reported in the previous quarter. Net income shrunk -62.07% to $73.5 million, while revenue of $0.0 was 100.0% off the previous quarter. Analysts expected SOL to announce $0.05 per share in earnings in its latest quarter, but it posted $0.1, representing a 100.00% surprise. EBITDA for the quarter stood at more than $7.29 million. SOL stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 92.23 million, with total debt at $70.08 million

Technical Picture

Let’s look briefly at ReneSola Ltd (SOL) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 11 October was 53.08% to suggest the stock is trending Neutral, with historical volatility in this time period at 67.33%.

The stock’s 5-day moving average is $6.32, reflecting a +9.75% or $0.59 change from its current price. SOL is currently trading -7.26% above its 20-day SMA, -16.27% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 and SMA200 by -11.35% and -31.55% respectively.

Stochastic %K and %D was 41.39% and 26.76% and the average true range (ATR) pointed at 0.38. The RSI (14) points at 49.92%, while the 14-day stochastic is at 61.32% with the period’s ATR at 0.40. The stock’s 9-day MACD Oscillator is pointing at 0.09 and -0.02 on the 14-day charts.

Analyst Ratings

In the most recent analyst report for ReneSola Ltd (NYSE: SOL), Raymond James launched coverage with an Outperform rating. Analysts offering their rating for SOL stock have a consensus rating for the stock as Overweight. Currently, 0 brokerage advisors rate SOL as a “sell,”, while 1 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 1 rates the stock as overweight while 2 have offered a “buy” rating.

What is SOL’s price target for the next 12 months?

Analysts have a consensus price target ranging from a low of $7.70 and a high of $15.00, with their median price target at $12.25. Looking at these predictions, the average price target given by analysts is for ReneSola Ltd (SOL) stock is $11.80.

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