ReneSola (SOL - Free Report) closed at $14.94 in the latest trading session, marking a -1.9% move from the prior day. This change lagged the S&P 500's daily loss of 0.48%. At the same time, the Dow lost 1.5%, and the tech-heavy Nasdaq gained 0.56%.
Heading into today, shares of the solar energy company had lost 27.89% over the past month, lagging the Oils-Energy sector's gain of 9.66% and the S&P 500's loss of 0.53% in that time.
Investors will be hoping for strength from SOL as it approaches its next earnings release. The company is expected to report EPS of -$0.01, down 111.11% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $24.56 million, down 7.44% from the year-ago period.
It is also important to note the recent changes to analyst estimates for SOL. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. SOL is currently a Zacks Rank #3 (Hold).
Digging into valuation, SOL currently has a Forward P/E ratio of 49.13. Its industry sports an average Forward P/E of 54.17, so we one might conclude that SOL is trading at a discount comparatively.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 193, putting it in the bottom 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow SOL in the coming trading sessions, be sure to utilize Zacks.com.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
ReneSola (SOL - Free Report) closed at $14.94 in the latest trading session, marking a -1.9% move from the prior day. This change lagged the S&P 500's daily loss of 0.48%. At the same time, the Dow lost 1.5%, and the tech-heavy Nasdaq gained 0.56%.
Heading into today, shares of the solar energy company had lost 27.89% over the past month, lagging the Oils-Energy sector's gain of 9.66% and the S&P 500's loss of 0.53% in that time.
Investors will be hoping for strength from SOL as it approaches its next earnings release. The company is expected to report EPS of -$0.01, down 111.11% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $24.56 million, down 7.44% from the year-ago period.
It is also important to note the recent changes to analyst estimates for SOL. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. SOL is currently a Zacks Rank #3 (Hold).
Digging into valuation, SOL currently has a Forward P/E ratio of 49.13. Its industry sports an average Forward P/E of 54.17, so we one might conclude that SOL is trading at a discount comparatively.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 193, putting it in the bottom 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow SOL in the coming trading sessions, be sure to utilize Zacks.com.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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