ReneSola Ltd. (SOL) Short Interest Up 39.0% in September
ReneSola Ltd. (NYSE:SOL) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 697,099 shares, a growth of 39.0% from the September 15th total of 501,488 shares. Based on an average daily volume of 306,731 shares, the short-interest ratio is currently 2.3 days.
Shares of ReneSola (NYSE:SOL) opened at 0.9702 on Wednesday. The company has a market capitalization of $97.99 million, a P/E ratio of 3.7172 and a beta of 2.95. The stock’s 50 day moving average is $1.03 and its 200-day moving average is $1.22. ReneSola has a 12-month low of $0.95 and a 12-month high of $1.95.
ReneSola (NYSE:SOL) last announced its earnings results on Wednesday, August 24th. The company reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.01. ReneSola had a net margin of 2.26% and a return on equity of 23.61%. The business earned $250 million during the quarter, compared to analysts’ expectations of $284.39 million. During the same period in the prior year, the company earned ($0.02) earnings per share. The firm’s revenue was down 6.9% on a year-over-year basis. Analysts anticipate that ReneSola will post ($0.17) earnings per share for the current year.
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A number of hedge funds have recently made changes to their positions in the stock. KCG Holdings Inc. boosted its stake in shares of ReneSola by 164.5% in the second quarter. KCG Holdings Inc. now owns 89,877 shares of the company’s stock worth $111,000 after buying an additional 55,897 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of ReneSola during the first quarter worth approximately $178,000. Emerald Acquisition Ltd. acquired a new stake in shares of ReneSola during the second quarter worth approximately $197,000. Acadian Asset Management LLC boosted its stake in shares of ReneSola by 5.2% in the second quarter. Acadian Asset Management LLC now owns 3,259,695 shares of the company’s stock worth $4,044,000 after buying an additional 162,171 shares in the last quarter. Finally, Shah Capital Management boosted its stake in shares of ReneSola by 17.7% in the third quarter. Shah Capital Management now owns 5,777,962 shares of the company’s stock worth $5,835,000 after buying an additional 869,427 shares in the last quarter. 12.21% of the stock is owned by institutional investors and hedge funds.
SOL has been the subject of a number of recent research reports. Zacks Investment Research downgraded ReneSola from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Roth Capital downgraded ReneSola from a “hold” rating to a “sell” rating in a report on Friday, August 5th. Credit Suisse Group AG set a $1.00 price target on ReneSola and gave the stock a “sell” rating in a report on Thursday, August 18th. Finally, TheStreet downgraded ReneSola from a “hold” rating to a “sell” rating in a report on Wednesday, August 24th.
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 wafer sales, cell and module sales, and solar power projects. The wafer sales segment involves the manufacture and sales of monocrystalline and multicrystalline solar wafers and processing services.
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