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

Wall Street analysts expect that ReneSola Ltd (NYSE:SOL) will announce sales of $20.22 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made 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 reported sales of $9.75 million in the same quarter last year, which would suggest a positive year over year growth rate of 107.4%. The company is expected to announce its next quarterly earnings results after the market closes on Tuesday, December 7th.

According to Zacks, 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 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 calculations are a mean average based on a survey of analysts that cover ReneSola.

ReneSola (NYSE:SOL) last released its earnings results on Sunday, August 29th. The semiconductor company reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.05. The company had revenue of $18.53 million for the quarter, compared to analyst estimates 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 prior year, the firm earned $0.06 EPS.

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

In other ReneSola news, CFO Shah Capital Management bought 6,000 shares of the company’s stock in a transaction that occurred on Monday, September 20th. The stock was purchased at an average price of $6.75 per share, with a total value of $40,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders have purchased 16,000 shares of company stock valued at $108,750.

A number of institutional investors and hedge funds have recently bought and sold shares of SOL. UBS Group AG increased its position in ReneSola by 349.0% during the 1st quarter. UBS Group AG now owns 9,060 shares of the semiconductor company’s stock worth $112,000 after purchasing an additional 7,042 shares in the last quarter. Citigroup Inc. increased its position in ReneSola by 1,013.5% during the 1st quarter. Citigroup Inc. now owns 3,875 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 3,527 shares in the last quarter. Stifel Financial Corp acquired a new stake in ReneSola in the first quarter valued at approximately $665,000. Goldman Sachs Group Inc. acquired a new stake in ReneSola in the first quarter valued at approximately $547,000. Finally, Steel Peak Wealth Management LLC acquired a new stake in ReneSola in the first quarter valued at approximately $182,000. 36.10% of the stock is owned by hedge funds and other institutional investors.

Shares of SOL stock traded down $0.04 during trading hours on Thursday, hitting $7.27. 918,138 shares of the company were exchanged, compared to its average volume of 2,401,656. The firm 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. The company has a quick ratio of 9.80, a current ratio of 9.80 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average of $7.60 and a 200 day moving average of $7.68.

ReneSola Company Profile

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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