First Trust Direct Indexing L.P. Invests $43,000 in Emeren Group Ltd (NYSE:SOL)

Posted by Defense World Staff on Sep 28th, 2023

First Trust Direct Indexing L.P. purchased a new stake in shares of Emeren Group Ltd (NYSE:SOL – Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 11,376 shares of the semiconductor company’s stock, valued at approximately $43,000.

Other institutional investors have also added to or reduced their stakes in the company. Psagot Value Holdings Ltd. Israel bought a new stake in shares of Emeren Group during the first quarter worth $186,000. ProShare Advisors LLC bought a new stake in Emeren Group during the 1st quarter worth $206,000. JPMorgan Chase & Co. increased its holdings in Emeren Group by 4,684.1% in the 1st quarter. JPMorgan Chase & Co. now owns 17,127 shares of the semiconductor company’s stock worth $76,000 after purchasing an additional 16,769 shares in the last quarter. Apollon Wealth Management LLC raised its position in Emeren Group by 100.0% in the first quarter. Apollon Wealth Management LLC now owns 40,000 shares of the semiconductor company’s stock valued at $178,000 after purchasing an additional 20,000 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Emeren Group by 3.0% during the first quarter. State Street Corp now owns 2,608,097 shares of the semiconductor company’s stock valued at $11,606,000 after purchasing an additional 75,715 shares in the last quarter. 74.86% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Shah Capital Management bought 81,000 shares of Emeren Group stock in a transaction dated Friday, September 1st. The stock was bought at an average cost of $3.20 per share, for a total transaction of $259,200.00. Following the purchase, the chief financial officer now directly owns 16,552,803 shares in the company, valued at approximately $52,968,969.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders have purchased 415,513 shares of company stock worth $1,300,752. Company insiders own 18.02% of the company’s stock.

Emeren Group Stock Performance

SOL stock opened at $3.03 on Thursday. The firm has a market cap of $182.47 million, a PE ratio of 11.65 and a beta of 2.06. The company has a current ratio of 5.48, a quick ratio of 5.48 and a debt-to-equity ratio of 0.06. The stock has a 50-day moving average price of $3.36 and a 200-day moving average price of $3.74. Emeren Group Ltd has a 1-year low of $2.83 and a 1-year high of $5.87.

Emeren Group (NYSE:SOL – Get Free Report) last issued its quarterly earnings results on Thursday, August 31st. The semiconductor company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.04. The firm had revenue of $33.85 million for the quarter, compared to analyst estimates of $38.92 million. Emeren Group had a return on equity of 3.79% and a net margin of 13.70%. As a group, equities research analysts expect that Emeren Group Ltd will post 0.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SOL. HC Wainwright dropped their price objective on shares of Emeren Group from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, September 1st. Northland Securities reduced their price objective on shares of Emeren Group from $9.50 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, September 1st. Roth Mkm lowered their target price on Emeren Group from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Tuesday, September 12th. Finally, StockNews.com raised Emeren Group from a “sell” rating to a “hold” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $8.00.

Get Our Latest Stock Analysis on SOL

Emeren Group Profile

(Free Report)

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.