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Friday, November 27, 2020

Investor Confidence is Falling for ReneSola Ltd (NYSE:SOL)

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ReneSola Ltd (SOL) shares are trading at lower $3.82 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $3.17.

To add more color to this target, the company’s high over the last year is $4.39 and the low is $0.85. Over the last 52 weeks, SOL is up 141.77% while the S&P 500 is up 16.04%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, SOL reported a profit of $7.43 million. ReneSola Ltd also saw revenues increase to $26.19 million. In addition, SOL has free cash flow of $0.0 as of 06-2020. The company’s EBITDA came in at $4.57 million which compares well with its peers.

SOL booked profit margins of -7.80%, its Return on Equity (ROE) is -10.60%, and its Return on Assets is -3.20%. All told, it is clear that, SOL needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. SOL has a short ratio of 0.20 and outstanding shares of 58.22M.

Company Outlook

SOL has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 4.72 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -0.95. ReneSola Ltd SOL also noted assets of $278.03 million at the end of the last quarter. Investors should also keep an eye on sector updates as SOL has historically followed its peers on positive news.

All told, ReneSola Ltd SOL has strung together solid data and demonstrated underlying fundamentals. At its current valuation, SOL represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

ReneSola Ltd SOL is now commanding a market cap of 222.40M and a float of 5.12M. SOL is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of SOL stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in SOL, either long or short, and we have not been compensated for this article.

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