Emeren Group (NYSE:SOL) Releases Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Emeren Group (NYSE:SOL) released its quarterly earnings data on Tuesday. The semiconductor company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06), Yahoo Finance reports. Emeren Group had a negative net margin of 12.70% and a negative return on equity of 0.89%. The business had revenue of $30.06 million during the quarter, compared to analysts’ expectations of $21.10 million. During the same quarter in the prior year, the firm posted $0.14 earnings per share. Emeren Group updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Emeren Group Stock Performance

Emeren Group stock opened at $1.93 on Thursday. The firm has a 50-day moving average of $1.62 and a 200-day moving average of $1.83. The firm has a market cap of $98.85 million, a P/E ratio of -7.50 and a beta of 1.72. The company has a current ratio of 3.65, a quick ratio of 3.97 and a debt-to-equity ratio of 0.09. Emeren Group has a 1-year low of $1.41 and a 1-year high of $3.50.

Wall Street Analyst Weigh In

Several brokerages recently commented on SOL. Northland Securities cut shares of Emeren Group from a “market perform” rating to an “under perform” rating and set a $1.50 price objective for the company. in a research note on Friday, May 24th. StockNews.com upgraded Emeren Group to a “sell” rating in a research note on Friday, May 24th. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Emeren Group in a research report on Wednesday. Northland Capmk downgraded shares of Emeren Group from a “hold” rating to a “strong sell” rating in a research note on Friday, May 24th. Finally, Roth Mkm reissued a “buy” rating and issued a $3.00 price target on shares of Emeren Group in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.88.

Emeren Group Company Profile

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.