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

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

Insider Activity at Emeren Group

In other news, Chairman Shah Capital Management bought 26,843 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $1.83 per share, for a total transaction of $49,122.69. Following the completion of the purchase, the chairman now owns 18,655,151 shares of the company’s stock, valued at $34,138,926.33. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 18.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP raised 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 purchasing an additional 66,284 shares in the last quarter. Monaco Asset Management SAM lifted its holdings in shares of Emeren Group by 40.6% in the first quarter. Monaco Asset Management SAM now owns 1,170,000 shares of the semiconductor company’s stock valued at $2,258,000 after buying an additional 337,650 shares during the period. Finally, Mercer Global Advisors Inc. ADV boosted its stake 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 buying an additional 29,484 shares in the last quarter. Institutional investors own 44.08% of the company’s stock.

Analysts Set New Price Targets

SOL has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Emeren Group in a research note on Wednesday, August 21st. Roth Mkm reissued a “buy” rating and set a $3.00 price target on shares of Emeren Group in a research report on Wednesday, August 21st. Three analysts have rated the stock with a sell rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.88.

Emeren Group Stock Performance

SOL stock opened at $2.39 on Friday. The stock’s 50 day simple moving average is $1.89 and its 200 day simple moving average is $1.84. The company has a current ratio of 4.27, a quick ratio of 4.27 and a debt-to-equity ratio of 0.07. Emeren Group has a 12-month low of $1.41 and a 12-month high of $3.27. The firm has a market cap of $122.51 million, a P/E ratio of -9.19 and a beta of 1.71.

Emeren Group (NYSE:SOL) last announced its quarterly 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). The company had revenue of $30.06 million for the quarter, compared to analyst estimates of $21.10 million. Emeren Group had a negative return on equity of 3.15% and a negative net margin of 20.91%. During the same quarter in the previous year, the company posted $0.14 earnings per share. As a group, equities research analysts predict that Emeren Group will post 0.27 EPS for the current year.

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.