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

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 price objective on ReneSola and gave the company a hold rating in a report on Thursday.

Shares of ReneSola (NYSE:SOL) traded down $0.01 during midday trading on Friday, hitting $2.85. The stock had a trading volume of 61,822 shares, compared to its average volume of 122,498. The company has a market cap of $108.59, a PE ratio of -0.57 and a beta of 2.35. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.51 and a quick ratio of 0.42. ReneSola has a 12 month low of $2.12 and a 12 month high of $3.79.

ReneSola (NYSE:SOL) last announced its quarterly earnings data on Wednesday, September 27th. The semiconductor company reported ($1.57) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.76) by ($0.81). The company had revenue of $151.63 million during the quarter, compared to the consensus estimate of $180.70 million. ReneSola had a negative net margin of 13.84% and a negative return on equity of 187.64%. sell-side analysts anticipate that ReneSola will post -2.61 earnings per share for the current fiscal year.

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

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About ReneSola

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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