Renesola Ltd. (SOL) Stake Owned by Shah Capital Management

Shah Capital Management

recently disclosed that they own 11.8% of Renesola Ltd. (NYSE:SOL) in a Schedule 13G/A disclosure that was filed with the Securities and Exchange Commission on Friday, August 18th. The investor owns 2,407,336 shares of the stock worth about $6,283,147. The reporting parties listed on the disclosure included Shah Capital Management, Inc (Scm), Shah Capital Opportunity Fund LP and Himanshu H Shah. The disclosure is available through the SEC website at this hyperlink.

Shah Capital Management

provided the following explanation of their ownership:

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A number of other hedge funds and other institutional investors also recently modified their holdings of SOL. Edmond DE Rothschild Holding S.A. bought a new position in shares of Renesola during the second quarter worth about $175,000. Shah Capital Management boosted its position in shares of Renesola by 14.9% in the second quarter. Shah Capital Management now owns 2,154,290 shares of the semiconductor company’s stock worth $5,256,000 after buying an additional 280,168 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Renesola by 6.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,514,800 shares of the semiconductor company’s stock worth $1,609,000 after buying an additional 147,436 shares during the period. 14.02% of the stock is owned by institutional investors.

Shares of Renesola Ltd. (NYSE:SOL) traded up 4.40% on Friday, reaching $2.61. 11,805 shares of the company’s stock were exchanged. Renesola Ltd. has a 1-year low of $2.15 and a 1-year high of $6.40. The stock’s 50-day moving average price is $2.58 and its 200-day moving average price is $2.46. The company’s market capitalization is $52.34 million.

Renesola (NYSE:SOL) last released its earnings results on Thursday, June 15th. The semiconductor company reported ($1.16) EPS for the quarter, missing the consensus estimate of ($1.08) by $0.08. Renesola had a negative net margin of 7.71% and a negative return on equity of 81.60%. The business had revenue of $156.68 million for the quarter, compared to analyst estimates of $143.76 million. During the same period in the prior year, the company earned $0.06 earnings per share. The firm’s revenue for the quarter was down 39.9% on a year-over-year basis. Analysts anticipate that Renesola Ltd. will post ($2.67) EPS for the current fiscal year.

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A number of brokerages have issued reports on SOL. Roth Capital set a $2.00 target price on shares of Renesola and gave the company a “sell” rating in a report on Saturday, June 17th. ValuEngine cut shares of Renesola from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the stock. Renesola has an average rating of “Hold” and a consensus price target of $2.92.

About Renesola

ReneSola Ltd is a holding company. The Company is a brand and technology provider of energy-efficient products based in China. The Company’s segments include wafer sales, cell and module sales, and solar power projects. The wafer sales segment involves the manufacture and sales of monocrystalline and multicrystalline solar wafers and processing services.