ReneSola Ltd. (ADR) (NYSE:SOL), a leading brand and technology provider of energy-efficient products, today announced that its Board of Directors has authorized a share repurchase program under whichReneSola may repurchase up to US$20 million in aggregate value of the Company’s outstanding American depositary shares (“ADSs”) within the next 12 months.
Under the program, the Company may, from time to time, depending on market conditions, share price and other factors, make one or more purchases, on the open market or in privately negotiated transactions, of up to US$20 million in aggregate value of the Company’s outstanding ADSs. Such purchases under the program will be made in accordance with the applicable laws and subject to any required regulatory approvals.
“We are fully confident in ReneSola’s growth strategy and execution capabilities and we believe that the current share price does not fairly reflect our growth prospects,” said Mr. Xianshou Li, ReneSola’s chief executive officer. “We have already established a track record of success in our transition into a downstream oriented company with numerous projects developed, operated and sold and a deep pipeline of new projects in key markets including the United Kingdom, Japan and the United States. The board’s decision on initiating a share repurchase program demonstrates the confidence we have in our business strategy, market position and long-term prospects and reflects our commitment to building sustainable value for our shareholders.” (Original Source)
Shares of Renesola closed yesterday at $1.00. SOL has a 1-year high of $3.32 and a 1-year low of $0.94. The stock’s 50-day moving average is $1.22 and its 200-day moving average is $1.43.
On the ratings front, Renesola has been the subject of a number of recent research reports. In a report issued on August 26, Roth Capital analyst Philip Shen reiterated a Hold rating on SOL, with a price target of $1.16, which represents a potential upside of 16.0% from where the stock is currently trading. Separately, on August 5, Cowen’s Jeff Osborne upgraded the stock to Buy .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Jeff Osborne have a total average return of -15.6% and -10.8% respectively. Shen has a success rate of 23.5% and is ranked #3740 out of 3766 analysts, while Osborne has a success rate of 40.4% and is ranked #3616.
ReneSola Ltd is a manufacturer of solar wafers and producer of solar power products based in China, which are thin sheets of crystalline silicon material made by slicing monocrystalline or multicrystalline ingots.