ReneSola (NYSE:SOL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “ReneSola’s share price has underperformed the broader industry over a year. With the U.S. Department of Commerce imposing anti-dumping duty rates and anti-subsidy rates on the import of Chinese solar panels, ReneSola’s revenues will be impacted adversely. As the company expands its distribution network internationally, its exposure to fluctuations in currency exchange rates rises. Unfavorable currency fluctuations will thus have an adverse impact on the company’s financial performance. Solar industry trends as well as market volatility along with unfavorable changes in supply or demand for solar power products throughout the value chain may pose potential threat to ReneSola’s business. However, ReneSola currently boasts a strong pipeline of 1.1 GW. It continues to benefit from a steady flow of contracts from both domestic and international customers.”
Separately, Roth Capital set a $3.00 target price on shares of ReneSola and gave the stock a “hold” rating in a research report on Thursday, December 21st.
Shares of ReneSola (NYSE:SOL) opened at $2.47 on Tuesday. The firm has a market cap of $91.44, a P/E ratio of -0.49 and a beta of 2.06. ReneSola has a 12-month low of $2.12 and a 12-month high of $3.79. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.42 and a current ratio of 0.51.
An institutional investor recently raised its position in ReneSola stock. Renaissance Technologies LLC grew its holdings in ReneSola Ltd. (NYSE:SOL) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 654,960 shares of the semiconductor company’s stock after acquiring an additional 34,500 shares during the period. Renaissance Technologies LLC owned about 1.72% of ReneSola worth $1,742,000 at the end of the most recent quarter. 9.33% of the stock is owned by institutional investors.
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ReneSola Company Profile
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 solar power projects. The solar power projects segment involves sales of solar power projects and electricity generation revenue of certain project assets it owns and operates.
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