Analysts Expect ReneSola Ltd (NYSE:SOL) Will Announce Quarterly Sales of $20.22 Million

Wall Street analysts expect ReneSola Ltd (NYSE:SOL) to report $20.22 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for ReneSola’s earnings, with the lowest sales estimate coming in at $19.76 million and the highest estimate coming in at $21.00 million. ReneSola posted sales of $9.75 million in the same quarter last year, which would indicate a positive year over year growth rate of 107.4%. The business is scheduled to report its next quarterly earnings report on Tuesday, December 7th.

According to Zacks, analysts expect that ReneSola will report full year sales of $92.56 million for the current fiscal year, with estimates ranging from $91.39 million to $93.30 million. For the next financial year, analysts anticipate that the business will report sales of $128.47 million, with estimates ranging from $115.00 million to $153.02 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover ReneSola.

ReneSola (NYSE:SOL) last announced its earnings results on Sunday, August 29th. The semiconductor company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05. The business had revenue of $18.53 million for the quarter, compared to analysts’ expectations of $20.63 million. ReneSola had a net margin of 18.11% and a return on equity of 4.09%. During the same period in the previous year, the company posted $0.06 EPS.

A number of equities analysts recently weighed in on the stock. Raymond James lowered their price objective on shares of ReneSola from $14.50 to $12.50 and set an “outperform” rating on the stock in a research report on Tuesday, October 5th. Roth Capital lowered their price objective on shares of ReneSola from $8.20 to $7.70 and set a “neutral” rating on the stock in a research report on Wednesday, September 1st. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $11.73.

In related news, CFO Shah Capital Management bought 5,000 shares of the firm’s stock in a transaction on Wednesday, September 8th. The shares were bought at an average cost of $6.80 per share, for a total transaction of $34,000.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have acquired a total of 16,000 shares of company stock worth $108,750 over the last 90 days.

Several large investors have recently added to or reduced their stakes in SOL. Deutsche Bank AG raised its stake in shares of ReneSola by 521.8% during the 2nd quarter. Deutsche Bank AG now owns 3,700 shares of the semiconductor company’s stock worth $34,000 after buying an additional 3,105 shares during the last quarter. Citigroup Inc. raised its stake in ReneSola by 1,013.5% in the 1st quarter. Citigroup Inc. now owns 3,875 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 3,527 shares during the last quarter. Concord Wealth Partners acquired a new position in ReneSola in the 1st quarter valued at about $71,000. Bank of Montreal Can acquired a new position in ReneSola in the 1st quarter valued at about $75,000. Finally, UBS Asset Management Americas Inc. acquired a new position in ReneSola in the 2nd quarter valued at about $103,000. 36.10% of the stock is owned by institutional investors and hedge funds.

Shares of ReneSola stock traded down $0.30 during trading on Monday, reaching $6.95. The company’s stock had a trading volume of 24,311 shares, compared to its average volume of 2,503,222. The company has a 50-day moving average price of $6.85 and a two-hundred day moving average price of $8.04. The firm has a market cap of $484.75 million, a PE ratio of 36.70 and a beta of 2.28. ReneSola has a fifty-two week low of $2.97 and a fifty-two week high of $35.77. The company has a current ratio of 9.80, a quick ratio of 9.80 and a debt-to-equity ratio of 0.08.

About ReneSola

ReneSola Ltd. engages in the manufacture of solar wafers and modules. It operates through the following segments: Wafer, Cell and Module, and Solar Power Projects. The Wafer segment includes manufacture and sales of monocrystalline and multicrystalline solar wafers and processing services. The Cell and Module segment involves in the manufacture and sale of PV cells and modules.

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