ReneSola Rating Reiterated by Zacks (SOL)
ReneSola (NYSE:SOL)‘s stock had its “outperform” rating restated by Zacks in a research note issued on Monday, Analyst Ratings Network.com reports. They currently have a $5.50 target price on the stock. Zacks‘ price objective would suggest a potential upside of 22.22% from the company’s current price.
Zacks‘ analyst wrote, “We are maintaining our long-term recommendation on ReneSola Ltd. at Outperform based on its geographically diverse customer base. With most of its solar peers in trouble due to an oversupply of solar panels, Renesola seems to be in a better position with multiple contracts and agreements. The company delivered solid second quarter results that exceeded the guidance with record shipment volume and a much improved gross margin. Moreover, the company’s focus on improving operating efficiencies, generating material cost savings and introducing innovative products like the power conserving microinverter Replus are positive factors working for ReneSola. Although ReneSola hasn’t seen profits since the second quarter of 2011, it now foresees positive gross margins in the third quarter, in a band of 7% and 9%.”
Shares of ReneSola (NYSE:SOL) traded down 6.67% during mid-day trading on Monday, hitting $4.20. 5,445,035 shares of the company’s stock traded hands. ReneSola has a one year low of $1.08 and a one year high of $4.85. The stock’s 50-day moving average is $4.49 and its 200-day moving average is $2.69. The company’s market cap is $363.0 million.
ReneSola (NYSE:SOL) last issued its quarterly earnings data on Friday, August 30th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.06. The company had revenue of $377.40 million for the quarter, compared to the consensus estimate of $367.73 million. During the same quarter in the previous year, the company posted ($0.40) earnings per share. The company’s revenue for the quarter was up 62.0% on a year-over-year basis. On average, analysts predict that ReneSola will post $-0.92 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Credit Suisse raised their price target on shares of ReneSola from $2.50 to $3.00 in a research note to investors on Wednesday, September 4th. They now have an “underperform” rating on the stock. Analysts at Roth Capital raised their price target on shares of ReneSola from $2.00 to $5.20 in a research note to investors on Tuesday, September 3rd. They now have a “neutral” rating on the stock.
ReneSola Ltd. (NYSE:SOL) is a manufacturer of solar wafers and producer of solar power products based in China.
To view Zacks’ full report, visit www.zacks.com
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