ReneSola (SOL) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of ReneSola (NYSE:SOL) from a buy rating to a hold rating in a research note published on Friday morning.

According to Zacks, “ReneSola’s third-quarter 2017 revenues missed the Zacks Consensus Estimate but improved year over year. The company currently boasts a strong pipeline of 1.1 GW. ReneSola continues to benefit from a steady flow of contracts from both domestic and international customers. Moreover, to drive higher profitability and cash flow, the company plans to reduce manufacturing cost. To this end, it has recently decided to sell its manufacturing as well as LED distribution businesses. However, failing to shift to higher-margin markets and exposure to exchange rate fluctuations will likely hurt the company’s performance. Moreover, ReneSola’s share price has underperformed the broader industry over a year.”

Separately, Roth Capital set a $3.00 target price on shares of ReneSola and gave the company a hold rating in a research report on Thursday, December 21st.

ReneSola (NYSE SOL) opened at $2.88 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 2.06. ReneSola has a twelve month low of $2.12 and a twelve month high of $3.79. The stock has a market cap of $108.59, a PE ratio of -0.58 and a beta of 2.35.

ReneSola (NYSE:SOL) last issued its earnings results on Wednesday, September 27th. The semiconductor company reported ($1.57) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.81). ReneSola had a negative net margin of 13.84% and a negative return on equity of 187.64%. The business had revenue of $151.63 million for the quarter, compared to analyst estimates of $180.70 million. equities research analysts forecast that ReneSola will post -2.61 earnings per share for the current year.

An institutional investor recently bought a new position in ReneSola stock. Edmond DE Rothschild Holding S.A. purchased a new stake in ReneSola Ltd. (NYSE:SOL) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 71,600 shares of the semiconductor company’s stock, valued at approximately $175,000. Edmond DE Rothschild Holding S.A. owned approximately 0.36% of ReneSola as of its most recent SEC filing. Institutional investors own 9.01% of the company’s stock.

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ReneSola Company Profile

ReneSola Ltd is a holding company. The Company is a brand and technology provider of energy-efficient products based in China. The Company’s segments include solar power projects. The solar power projects segment involves sales of solar power projects and electricity generation revenue of certain project assets it owns and operates.

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