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

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

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Roth Mkm reissued a “buy” rating and issued a $3.00 price target on shares of Emeren Group in a research note on Wednesday, August 21st. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of Emeren Group in a research note on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $4.88.

Insider Buying and Selling

In other Emeren Group news, Chairman Shah Capital Management purchased 26,843 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $1.83 per share, with a total value of $49,122.69. Following the completion of the purchase, the chairman now owns 18,655,151 shares in the company, valued at $34,138,926.33. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 18.02% of the stock is owned by insiders.

Institutional Investors Weigh In On Emeren Group

Several institutional investors have recently bought and sold shares of the stock. Monaco Asset Management SAM grew its holdings in 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 buying an additional 337,650 shares in the last quarter. GSA Capital Partners LLP grew its holdings in 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 buying an additional 66,284 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its holdings 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 worth $72,000 after buying an additional 29,484 shares in the last quarter. Institutional investors own 44.08% of the company’s stock.

Emeren Group Price Performance

Shares of NYSE:SOL opened at $2.39 on Monday. The company has a quick ratio of 4.27, a current ratio of 4.27 and a debt-to-equity ratio of 0.07. Emeren Group has a twelve month low of $1.41 and a twelve month high of $3.27. The stock’s 50 day moving average is $1.89 and its 200-day moving average is $1.84. The firm has a market capitalization of $143.94 million, a price-to-earnings ratio of -9.19 and a beta of 1.71.

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

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.