Shah Capital Management Buys New Shares in Emeren Group Ltd (NYSE:SOL)

Shah Capital Management bought a new stake in shares of Emeren Group Ltd (NYSE:SOL) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,639,226 shares of the semiconductor company’s stock, valued at approximately $50,885,000. Emeren Group makes up 13.0% of Shah Capital Management’s investment portfolio, making the stock its 3rd largest holding. Shah Capital Management owned about 0.31% of Emeren Group at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in Emeren Group during the third quarter valued at about $36,000. Janney Montgomery Scott LLC bought a new stake in Emeren Group during the third quarter valued at about $44,000. Aigen Investment Management LP raised its holdings in Emeren Group by 74.1% during the third quarter. Aigen Investment Management LP now owns 19,737 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 8,401 shares during the period. Alpine Global Management LLC bought a new stake in Emeren Group during the third quarter valued at about $62,000. Finally, Quadrature Capital Ltd raised its holdings in Emeren Group by 42.0% during the third quarter. Quadrature Capital Ltd now owns 59,685 shares of the semiconductor company’s stock valued at $184,000 after acquiring an additional 17,659 shares during the period. 44.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Emeren Group in a report on Monday, April 1st. StockNews.com raised Emeren Group to a “sell” rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, one has assigned a hold 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 presently has an average rating of “Moderate Buy” and a consensus price target of $5.80.

Emeren Group Stock Performance

Shares of SOL stock traded up $0.06 during trading hours on Monday, hitting $1.95. The stock had a trading volume of 297,644 shares, compared to its average volume of 547,944. Emeren Group Ltd has a one year low of $1.54 and a one year high of $4.28. The company has a current ratio of 5.40, a quick ratio of 5.40 and a debt-to-equity ratio of 0.06. The stock’s 50-day moving average price is $2.00 and its two-hundred day moving average price is $2.26.

Emeren Group (NYSE:SOL) last issued its quarterly earnings data on Thursday, March 28th. The semiconductor company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.06). Emeren Group had a positive return on equity of 0.26% and a negative net margin of 8.91%. The company had revenue of $44.00 million for the quarter, compared to the consensus estimate of $39.22 million. As a group, research analysts anticipate that Emeren Group Ltd will post 0.38 EPS for the current year.

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.