Emeren Group (NYSE:SOL) Downgraded to Under Perform at Northland Securities

Northland Securities cut shares of Emeren Group (NYSE:SOL) from a market perform rating to an under perform rating in a report published on Friday morning, MarketBeat reports. The firm currently has $1.50 price target on the semiconductor company’s stock.

Other equities analysts have also issued research reports about the company. StockNews.com upgraded Emeren Group to a sell rating in a research note on Monday, April 1st. HC Wainwright reissued a buy rating and set a $7.00 target price on shares of Emeren Group in a research note on Monday, April 1st. Three investment analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $5.38.

Emeren Group Stock Down 7.1 %

Shares of NYSE SOL traded down $0.15 during midday trading on Friday, reaching $1.95. The company’s stock had a trading volume of 581,001 shares, compared to its average volume of 227,295. Emeren Group has a fifty-two week low of $1.54 and a fifty-two week high of $4.28. The stock has a 50 day simple moving average of $1.94 and a 200-day simple moving average of $2.16. The stock has a market capitalization of $117.43 million, a price-to-earnings ratio of -7.50 and a beta of 1.80. The company has a current ratio of 5.40, a quick ratio of 5.40 and a debt-to-equity ratio of 0.06.

Emeren Group (NYSE:SOL) last announced its quarterly earnings data on Thursday, March 28th. The semiconductor company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.06). The firm had revenue of $44.00 million during the quarter, compared to the consensus estimate of $39.22 million. Emeren Group had a negative net margin of 12.70% and a negative return on equity of 0.88%. Equities research analysts predict that Emeren Group will post 0.38 earnings per share for the current year.

Hedge Funds Weigh In On Emeren Group

A number of large investors have recently modified their holdings of SOL. Raymond James Financial Services Advisors Inc. lifted its position in Emeren Group by 39.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 111,425 shares of the semiconductor company’s stock valued at $343,000 after acquiring an additional 31,660 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in Emeren Group in the 3rd quarter worth $36,000. Monaco Asset Management SAM grew its holdings in Emeren Group by 101.3% during the 3rd quarter. Monaco Asset Management SAM now owns 556,327 shares of the semiconductor company’s stock valued at $1,713,000 after buying an additional 280,000 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Emeren Group in the third quarter worth about $44,000. Finally, Aigen Investment Management LP boosted its position in shares of Emeren Group by 74.1% during the 3rd quarter. Aigen Investment Management LP now owns 19,737 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 8,401 shares during the last quarter. 44.08% of the stock is owned by hedge funds and other institutional investors.

About Emeren Group

Emeren Group Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. It owns and operates 3 gigawatt pipeline of projects and independent power producer assets. The company also 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.