Emeren Group (NYSE:SOL) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Emeren Group Ltd (NYSE:SOL) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.01 and traded as high as $2.30. Emeren Group shares last traded at $2.25, with a volume of 407,857 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SOL. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Emeren Group in a report on Friday, November 15th. BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Emeren Group in a research report on Monday, December 16th. Finally, StockNews.com raised shares of Emeren Group from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.38.

Emeren Group Trading Down 6.2 %

The stock has a market cap of $108.15 million, a PE ratio of -16.23 and a beta of 1.63. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.34 and a current ratio of 4.34. The business has a 50-day moving average of $2.01 and a 200 day moving average of $2.01.

Hedge Funds Weigh In On Emeren Group

Several institutional investors have recently added to or reduced their stakes in SOL. Mercer Global Advisors Inc. ADV grew its position in 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 valued at $72,000 after acquiring an additional 29,484 shares during the period. XTX Topco Ltd purchased a new stake in shares of Emeren Group during the 3rd quarter worth about $88,000. Finally, Long Run Wealth Advisors LLC acquired a new stake in Emeren Group during the 3rd quarter worth approximately $28,000. 44.08% of the stock is currently owned by institutional investors and hedge funds.

About Emeren Group

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.