Zacks Investment Research downgraded shares of ReneSola (NYSE:SOL) from a hold rating to a sell rating in a report published on Tuesday, February 20th.
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 price objective on ReneSola and gave the stock a hold rating in a research report on Saturday, November 25th.
ReneSola (SOL) traded down $0.07 during mid-day trading on Tuesday, hitting $2.53. The stock had a trading volume of 34,994 shares, compared to its average volume of 58,302. The stock has a market capitalization of $98.30, a price-to-earnings ratio of -0.51 and a beta of 2.05. ReneSola has a 1-year low of $2.12 and a 1-year high of $3.79. The company has a quick ratio of 0.42, a current ratio of 0.51 and a debt-to-equity ratio of 2.06.
A hedge fund recently raised its stake in ReneSola stock. Renaissance Technologies LLC raised its holdings in ReneSola Ltd. (NYSE:SOL) by 5.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 654,960 shares of the semiconductor company’s stock after buying an additional 34,500 shares during the period. Renaissance Technologies LLC owned about 1.72% of ReneSola worth $1,742,000 as of its most recent SEC filing. Institutional investors and hedge funds own 9.41% of the company’s stock.
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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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