Company Update (NYSE:SOL): ReneSola Ltd. (ADR) Announces Sale of Solar Project in Japan
ReneSola Ltd. (ADR) (NYSE:SOL), a leading solar PV project developer and provider of energy-efficient products, today announced that it sold a 1.23 MW solar power project located in Ibaraki, Japan. The project qualifies for Japan’s 32 Yen feed-in tariff. Revenue from the sale will be recognized in the third quarter and all proceeds have been collected.
ReneSola is developing 31.5 MW of solar PV projects in Japan. Including the Ibaraki project, 29.6 MW are in late stage development and expected to be monetized in the quarters ahead.(Original Source)
Shares of Renesola closed yesterday at $1.21, down $0.02 or 1.63%. SOL has a 1-year high of $1.95 and a 1-year low of $0.91. The stock’s 50-day moving average is $1.22 and its 200-day moving average is $1.32.
On the ratings front, Renesola has been the subject of a number of recent research reports. In a report issued on August 24, Credit Suisse analyst Patrick Jobin reiterated a Sell rating on SOL, with a price target of $1, which reflects a potential downside of -17.4% from last closing price. Separately, on July 22, Roth Capital’s Philip Shen maintained a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Patrick Jobin and Philip Shen have a total average return of -13.6% and -16.4% respectively. Jobin has a success rate of 31% and is ranked #3911 out of 4127 analysts, while Shen has a success rate of 25% and is ranked #4013.
ReneSola Ltd. engages in the manufacture of solar wafers and modules. The company operates through two segments: Wafer Sales and Module Sales. The Wafer sales segment includes the manufacture and sale of monocrystalline and multicrystalline solar wafers and processing services. The Module Sales segment involves in the manufacture and sale of photovoltaic cells and modules. Its solar products include virgin polysilicon, monocrystalline and multicrystalline solar ingots, wafers, photovoltaic cells and modules.