ReneSola Stock Price Down 6.2% Following Weak Earnings (SOL)
ReneSola (NYSE:SOL) was down 6.2% during mid-day trading on Friday following a dissappointing earnings announcement, ARN reports. The company traded as low as $2.52 and last traded at $2.58, with a volume of 1,768,183 shares. The stock had previously closed at $2.75.
The company reported ($0.14) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.08) by $0.06. The company had revenue of $415.00 million for the quarter, compared to the consensus estimate of $425.54 million. During the same quarter last year, the company posted ($0.45) earnings per share. ReneSola’s revenue was up 46.0% compared to the same quarter last year.
A number of research firms have recently commented on SOL. Analysts at Roth Capital downgraded shares of ReneSola from a “buy” rating to a “neutral” rating in a research note on Friday. Separately, analysts at Zacks upgraded shares of ReneSola from a “neutral” rating to an “outperform” rating in a research note on Thursday, May 8th. They now have a $3.25 price target on the stock.
The stock has a 50-day moving average of $2.74 and a 200-day moving average of $3.48. The company’s market cap is $263.4 million.
ReneSola Ltd. (NYSE:SOL) is a manufacturer of solar wafers and producer of solar power products based in China.
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