Emeren Group (NYSE:SOL) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

Emeren Group Ltd. Sponsored ADR (NYSE:SOL)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $1.88 and traded as high as $1.94. Emeren Group shares last traded at $1.9440, with a volume of 609,385 shares traded.

Analyst Upgrades and Downgrades

Several research firms recently commented on SOL. Wall Street Zen raised Emeren Group from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Emeren Group in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Emeren Group has a consensus rating of “Hold” and a consensus target price of $4.50.

Emeren Group Trading Up 0.7%

The firm has a market cap of $99.77 million, a price-to-earnings ratio of -10.80 and a beta of 1.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.28 and a current ratio of 4.28. The company has a 50 day moving average price of $1.87 and a 200 day moving average price of $1.88.

Institutional Investors Weigh In On Emeren Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Citadel Advisors LLC lifted its holdings in shares of Emeren Group by 31.9% in the 3rd quarter. Citadel Advisors LLC now owns 95,473 shares of the semiconductor company’s stock worth $180,000 after acquiring an additional 23,101 shares during the last quarter. GSA Capital Partners LLP raised its position in Emeren Group by 67.9% in the third quarter. GSA Capital Partners LLP now owns 214,437 shares of the semiconductor company’s stock valued at $405,000 after purchasing an additional 86,720 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in Emeren Group by 2.9% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 213,681 shares of the semiconductor company’s stock valued at $404,000 after purchasing an additional 6,093 shares during the period. Jane Street Group LLC acquired a new position in Emeren Group during the second quarter worth $179,000. Finally, Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Emeren Group during the second quarter worth $388,000. 44.08% of the stock is owned by hedge funds and other institutional investors.

Emeren Group Company Profile

Emeren Group Ltd, together with its subsidiaries, develops, builds, and sells solar power projects. It owns and operates 3-gigawatt pipeline of projects and independent power producer assets, as well as a 10-gigawatt pipeline of storage pipeline. The company develops community solar gardens; and sells project rights. In addition, it engages in engineering design; procurement of solar modules; balance-of-system components and other components; and construction contracting and management services. Further, the company generates and sells electricity.