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

Emeren Group (NYSE:SOL) issued an update on its FY 2024 earnings guidance on Thursday morning. 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 Stock Performance

Shares of SOL traded down $0.10 during midday trading on Thursday, reaching $1.93. The stock had a trading volume of 446,109 shares, compared to its average volume of 523,531. The firm has a 50 day simple moving average of $1.97 and a 200-day simple moving average of $2.43. Emeren Group has a one year low of $1.54 and a one year high of $4.54. The firm has a market cap of $116.22 million, a PE ratio of 38.61 and a beta of 1.79. The company has a current ratio of 5.40, a quick ratio of 5.40 and a debt-to-equity ratio of 0.06.

Institutional Trading of Emeren Group

Several hedge funds and other institutional investors have recently modified their holdings of SOL. Envestnet Asset Management Inc. acquired a new stake in Emeren Group in the 1st quarter worth about $64,000. Raymond James & Associates raised its stake in Emeren Group by 33.8% in the 1st quarter. Raymond James & Associates now owns 23,289 shares of the semiconductor company’s stock worth $135,000 after purchasing an additional 5,885 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in 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 purchasing an additional 2,769 shares in the last quarter. Ergoteles LLC acquired a new stake in Emeren Group in the 1st quarter worth about $229,000. Finally, Verition Fund Management LLC acquired a new stake in Emeren Group in the 1st quarter worth about $67,000. Institutional investors own 44.08% of the company’s stock.

About Emeren Group

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.