Emeren Group (NYSE:SOL) Issues FY 2024 Earnings Guidance

Emeren Group (NYSE:SOL) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.500- for the period, compared to the consensus EPS estimate of 0.350. The company issued revenue guidance of $150.0 million-$160.0 million, compared to the consensus revenue estimate of $148.7 million.

Emeren Group Trading Down 4.9 %

Emeren Group stock traded down $0.10 during mid-day trading on Thursday, reaching $1.93. 446,109 shares of the company traded hands, compared to its average volume of 523,531. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.40 and a quick ratio of 5.40. The firm’s 50 day moving average price is $1.97 and its 200 day moving average price is $2.43. The firm has a market capitalization of $116.22 million, a price-to-earnings ratio of 38.61 and a beta of 1.79. Emeren Group has a 52-week low of $1.54 and a 52-week high of $4.54.

Institutional Trading of Emeren Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. grew its position in shares of Emeren Group by 17.5% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 18,634 shares of the semiconductor company’s stock worth $108,000 after buying an additional 2,769 shares during the period. BlackRock Inc. grew its position in Emeren Group by 1.0% during the 3rd quarter. BlackRock Inc. now owns 374,007 shares of the semiconductor company’s stock valued at $1,885,000 after purchasing an additional 3,764 shares during the last quarter. Raymond James & Associates grew its position in Emeren Group by 33.8% during the 1st quarter. Raymond James & Associates now owns 23,289 shares of the semiconductor company’s stock valued at $135,000 after purchasing an additional 5,885 shares during the last quarter. Vident Investment Advisory LLC lifted its stake in Emeren Group by 23.9% during the 1st quarter. Vident Investment Advisory LLC now owns 40,676 shares of the semiconductor company’s stock valued at $236,000 after acquiring an additional 7,859 shares during the period. Finally, UBS Group AG lifted its stake in Emeren Group by 152.0% during the 3rd quarter. UBS Group AG now owns 17,596 shares of the semiconductor company’s stock valued at $89,000 after acquiring an additional 10,614 shares during the period. 44.08% of the stock is owned by hedge funds and other institutional investors.

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.