ReneSola Ltd (NYSE:SOL) Expected to Announce Quarterly Sales of $20.22 Million

Analysts predict that ReneSola Ltd (NYSE:SOL) will announce sales of $20.22 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for ReneSola’s earnings. The lowest sales estimate is $19.76 million and the highest is $21.00 million. ReneSola posted sales of $9.75 million in the same quarter last year, which suggests a positive year over year growth rate of 107.4%. The company is scheduled to report its next earnings report after the market closes on Tuesday, December 7th.

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

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

A number of analysts have recently issued reports on the company. TheStreet raised ReneSola from a “d+” rating to a “c-” rating in a research note on Friday, October 29th. Roth Capital lowered their price target on ReneSola from $8.20 to $7.70 and set a “neutral” rating on the stock in a research note on Wednesday, September 1st. Finally, Raymond James reduced their price objective on ReneSola from $14.50 to $12.50 and set an “outperform” rating on the stock in a research report on Tuesday, October 5th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $11.73.

Shares of NYSE:SOL traded down $0.04 during trading on Thursday, reaching $7.27. The stock had a trading volume of 918,138 shares, compared to its average volume of 2,401,656. The company has a debt-to-equity ratio of 0.08, a quick ratio of 9.80 and a current ratio of 9.80. The business has a fifty day moving average price of $7.60 and a 200-day moving average price of $7.68. The stock has a market cap of $507.07 million, a PE ratio of 36.35 and a beta of 2.32. ReneSola has a 1-year low of $4.79 and a 1-year high of $35.77.

In related news, CFO Shah Capital Management acquired 5,000 shares of ReneSola stock in a transaction that occurred on Thursday, September 16th. The shares were purchased at an average price of $6.85 per share, for a total transaction of $34,250.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have purchased 16,000 shares of company stock worth $108,750.

A number of large investors have recently bought and sold shares of the business. Schonfeld Strategic Advisors LLC purchased a new stake in ReneSola in the third quarter valued at $276,000. Cetera Advisors LLC raised its position in ReneSola by 9.1% in the third quarter. Cetera Advisors LLC now owns 15,773 shares of the semiconductor company’s stock valued at $104,000 after purchasing an additional 1,310 shares during the period. UBS Group AG raised its position in ReneSola by 178.9% in the third quarter. UBS Group AG now owns 17,958 shares of the semiconductor company’s stock valued at $118,000 after purchasing an additional 11,519 shares during the period. Marshall Wace LLP purchased a new stake in ReneSola in the third quarter valued at $932,000. Finally, MARSHALL WACE ASIA Ltd raised its position in ReneSola by 101.7% in the third quarter. MARSHALL WACE ASIA Ltd now owns 662,804 shares of the semiconductor company’s stock valued at $4,355,000 after purchasing an additional 334,156 shares during the period. Institutional investors own 36.10% of the company’s stock.

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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