Short Interest in Emeren Group Ltd (NYSE:SOL) Rises By 19.4%

by · The Cerbat Gem

Emeren Group Ltd (NYSE:SOL – Get Free Report) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 1,290,000 shares, an increase of 19.4% from the March 15th total of 1,080,000 shares. Currently, 4.0% of the shares of the company are sold short. Based on an average daily volume of 343,500 shares, the days-to-cover ratio is presently 3.8 days.

Emeren Group Price Performance

SOL stock traded down $0.03 during midday trading on Monday, reaching $1.23. The company had a trading volume of 63,583 shares, compared to its average volume of 270,633. The firm has a 50-day moving average price of $1.53 and a 200-day moving average price of $1.90. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.34 and a quick ratio of 4.34. The company has a market capitalization of $63.04 million, a P/E ratio of -9.46 and a beta of 1.75. Emeren Group has a 1 year low of $1.04 and a 1 year high of $3.00.

Emeren Group (NYSE:SOL – Get Free Report) last released its earnings results on Thursday, March 13th. The semiconductor company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.31). Emeren Group had a negative net margin of 7.14% and a negative return on equity of 2.05%. The firm had revenue of $34.60 million during the quarter, compared to the consensus estimate of $40.13 million. During the same period in the prior year, the company earned ($0.15) EPS. On average, research analysts anticipate that Emeren Group will post 0.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Roth Mkm cut their target price on Emeren Group from $3.00 to $2.00 and set a “buy” rating for the company in a research note on Monday, March 17th. StockNews.com lowered shares of Emeren Group from a “hold” rating to a “sell” rating in a report on Friday, March 14th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Emeren Group in a research report on Friday, March 14th. Four research analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.13.

Check Out Our Latest Research Report on Emeren Group

Hedge Funds Weigh In On Emeren Group

Large investors have recently added to or reduced their stakes in the business. XTX Topco Ltd purchased a new position in shares of Emeren Group in the third quarter worth about $88,000. Shah Capital Management increased its stake in Emeren Group by 0.4% in the 4th quarter. Shah Capital Management now owns 18,818,236 shares of the semiconductor company’s stock worth $38,201,000 after purchasing an additional 69,374 shares during the period. Apollon Wealth Management LLC lifted its position in Emeren Group by 45.5% in the fourth quarter. Apollon Wealth Management LLC now owns 29,100 shares of the semiconductor company’s stock valued at $59,000 after purchasing an additional 9,100 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Emeren Group during the fourth quarter valued at approximately $80,000. Finally, Monaco Asset Management SAM grew its holdings in shares of Emeren Group by 35.7% in the fourth quarter. Monaco Asset Management SAM now owns 1,847,764 shares of the semiconductor company’s stock worth $3,751,000 after purchasing an additional 486,063 shares during the last quarter. Hedge funds and other institutional investors own 44.08% of the company’s stock.

About Emeren Group

(Get Free Report)

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.

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