Short Interest in Emeren Group Ltd (NYSE:SOL) Decreases By 13.9%

Emeren Group Ltd (NYSE:SOL) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 1,430,000 shares, a drop of 13.9% from the August 31st total of 1,660,000 shares. Based on an average daily volume of 226,700 shares, the days-to-cover ratio is currently 6.3 days.

Insider Buying and Selling at Emeren Group

In other news, Chairman Shah Capital Management bought 26,843 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of $1.83 per share, with a total value of $49,122.69. Following the completion of the acquisition, the chairman now owns 18,655,151 shares of the company’s stock, valued at $34,138,926.33. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 18.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SOL. Monaco Asset Management SAM grew its holdings in shares of Emeren Group by 40.6% during the first quarter. Monaco Asset Management SAM now owns 1,170,000 shares of the semiconductor company’s stock worth $2,258,000 after purchasing an additional 337,650 shares during the last quarter. GSA Capital Partners LLP grew its holdings in shares of Emeren Group by 9.7% during the first quarter. GSA Capital Partners LLP now owns 747,448 shares of the semiconductor company’s stock worth $1,443,000 after purchasing an additional 66,284 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of Emeren Group by 160.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 47,809 shares of the semiconductor company’s stock worth $72,000 after purchasing an additional 29,484 shares during the last quarter. Institutional investors own 44.08% of the company’s stock.

Emeren Group Stock Up 0.8 %

SOL stock opened at $2.39 on Monday. Emeren Group has a 52 week low of $1.41 and a 52 week high of $3.27. The company has a quick ratio of 4.27, a current ratio of 4.27 and a debt-to-equity ratio of 0.07. The business has a 50-day simple moving average of $1.89 and a 200 day simple moving average of $1.84. The company has a market cap of $143.94 million, a PE ratio of -9.19 and a beta of 1.71.

Emeren Group (NYSE:SOL) last released its earnings results on Tuesday, August 20th. The semiconductor company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Emeren Group had a negative net margin of 20.91% and a negative return on equity of 3.15%. The business had revenue of $30.06 million during the quarter, compared to the consensus estimate of $21.10 million. During the same quarter in the prior year, the firm earned $0.14 EPS. Sell-side analysts anticipate that Emeren Group will post 0.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SOL. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Emeren Group in a report on Wednesday, August 21st. Roth Mkm reaffirmed a “buy” rating and issued a $3.00 price target on shares of Emeren Group in a research note on Wednesday, August 21st. Three analysts have rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.88.

Emeren Group Company Profile

Emeren Group Ltd, together with its subsidiaries, develops, builds, and sells solar power projects. It owns and operates 3-gigawatt pipeline of projects and independent power producer assets, as well as a 10-gigawatt pipeline of storage pipeline. The company develops community solar gardens; and sells project rights.