Buying ReneSola Ltd (SOL) Stock Is A Smart Move Today?

ReneSola Ltd (NYSE:SOL) finished Wednesday with an addition of $0.27 to close at $7.25, an upside of 3.87 percent. An average of 1,151,480 shares of common stock have been traded in the last five days. There was a gain of $1.18 in the past week. The last 20 days have seen an average of 1,224,465 shares traded, while the 50-day average volume stands at 1,057,706.

SOL stock has increased by 2.69% in the last month. The company shares reached their 1-month lowest point of $5.99 on 10/06/21. With the stock rallying to its 52-week high on 01/22/21, shares of the company touched a low of $2.97 and a high of $35.77 in 52 weeks. In spite of this, the price is down -79.73% from the 52-week high.


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Insider Transactions

287 days have passed since ReneSola Ltd (SOL) last reported insider trading activity. SHAH CAPITAL MANAGEMENT, who is CFO, most recently acquired $26,000 shares at $11.90 per share on Dec 31. In this transaction, the insider spent $309,400. CFO, SHAH CAPITAL MANAGEMENT, disposed of 360,427 shares at a price of $12.68 on Dec 30. The insider now owns more than $4,571,752 worth of shares. Prior to that, CFO SHAH CAPITAL MANAGEMENT went on to Sale 200,500 shares at $12.25 each on Dec 29. An amount of $2,456,125 was transacted.

Valuation Metrics

ReneSola Ltd (SOL) has a trailing price-to-earnings (P/E) ratio of 37.96, which compares with the 31.10 for the broader industry and 37.24 for the sector. In the last five years, ReneSola Ltd’s PE ratio has ranged between 95.20 and 0.4563. The stock’s beta is 2.23. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 7.56, the price-to-book (PB) ratio at 1.20.

The quick ratio of ReneSola Ltd for the three months ended June 29 was 9.80, and the current ratio was 9.80, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.09 and a total debt to equity ratio of 0.12 for the quarter ending June 29. On the profitability front, the trailing 12-month gross margin is 38.50% against a 5-year average of 20.6%. ReneSola Ltd’s EBITDA margin for the year ending June 29 is 13.51%, while its operating margin for the same period stands at 21.80%. Its gross profit as reported stood at $16.69 million compared to revenue of $73.5 million.

For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, ReneSola Ltd’s return on assets was 2.70%, compared to 0.2% over the last five years. In the past year, the return on investment has been 2.80%, and the 5-year average is 0.8%. Meanwhile, the return on equity (ROE) for the past 12 months has been 4.40% and the 5-year average holds at 0.0%. For the broader industry, ROE averaged -0.25 over the past year.

Earnings Surprise

In the quarter under review, the net income was down than the previous quarter. The company posted a net income of $73.5 million in the quarter, while revenues of $0.0 were shrunk -62.07%. The analyst consensus anticipated ReneSola Ltd’s latest quarter earnings to come in at $0.05 per share, but it turned out to be $0.1, a 100.00% surprise. For the quarter, EBITDA amounted to $7.29 million.

Technical Picture

From a technical analysis perspective, let’s take a brief look at ReneSola Ltd (SOL) price momentum. RSI 9-day as of the close on 13 October was 65.00%, suggesting the stock is Neutral, with historical volatility in this time frame at 69.88%.

As of today, SOL’s price is $6.71 +19.44% or $1.18 from its 5-day moving average. SOL is currently trading +0.97% higher than its 20-day SMA and -10.49% lower than its 100-day SMA. However, the stock’s current price level is +0.69% above the SMA50 and -42.00% below the SMA200.

The stochastic %K and %D were 83.10% and 62.05%, respectively, and the average true range (ATR) was 0.38. With the 14-day stochastic at 95.45% and the average true range at 0.39, the RSI (14) stands at 58.45%. The stock has reached 0.45 on the 9-day MACD Oscillator while the 14-day reading was at 0.47.

Analyst Ratings

Raymond James launched coverage on ReneSola Ltd (NYSE: SOL) in its analyst report released on March 09, 2021. The firm assigned the stock a an Outperform rating.The consensus rating for ReneSola Ltd (SOL) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell SOL, while 1 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 1 analysts, while 2 others rate it as a “buy”.

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

Analysts predict a range of price targets between $7.70 and $15.00, with a median target of $12.25. Taking a look at these predictions, the average price target given by analysts for ReneSola Ltd (SOL) stock is $11.80.

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