ReneSola Ltd. (ADR) (NYSE:SOL), a leading brand and technology provider of energy-efficient products, today announced that it has started shipping solar modules to two customers with an aggregate volume of 81.5 MW. Shipment to TBEA Xinjiang Sunoasis, one of the customers, relates to ReneSola’s supply of 305W, 310W and 315W modules with an aggregate volume of 56.5 MW for the customer’s utility scale projects located in Xinjiang and Jiangsu provinces in China. Shipment to the other customer, China Foma Group, relates to ReneSola’s supply of 265W Virtus II modules with an aggregate volume of 25 MW for the customer’s utility scale project in Gansu Province. Deliveries of these modules are scheduled to be completed by the end of May 2016.
Xianshou Li, ReneSola’s Chief Executive Officer, said, “We are pleased to be selected by two of the industry’s leading companies as the module supplier for these utility scale projects in China. We believe our supply to these projects demonstrates our technology leadership and strong competitive advantage in the solar energy value chain, as we support our customers’ clean energy initiatives in a cost-effective manner.” (Original Source)
Shares of Renesola closed last Friday at $1.37, down $0.05 or -3.52%. 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 $1.43 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 March 9, Roth Capital analyst Philip Shen reiterated a Hold rating on SOL, with a price target of $1.45, which implies an upside of 5.8% from current levels. Separately, on March 8, Credit Suisse’s Patrick Jobin maintained a Sell rating on the stock and has a price target of $1.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Patrick Jobin have a total average return of -16.0% and -16.4% respectively. Shen has a success rate of 24.7% and is ranked #3772 out of 3795 analysts, while Jobin has a success rate of 34.3% and is ranked #3656.
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. The company was founded on March 17, 2006 and is headquartered in Jiaxing City, China.