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  • ReneSola (SOL) stock soared in the recent trading session: here’s why

    ReneSola (SOL) stock soared in the recent trading session: here’s why

    ReneSola (SOL) stock recently traded at $11.84 which is a 20.82% upward movement. The ReneSola stock previously closed at $9.80.

    The recent positive movement in the stock was adjacent to the release of the financial result of the fourth quarter of 2020.

    Glimpse into the leading Global Solar Power Company

    ReneSola (NYSE: SOL) is a Solar based company specifically a developer and operator of solar projects. The company’s portfolio consists of the development of solar power projects, construction management, and project financing services. ReneSola is a global company and has deployed professional teams across 10 countries.

    With solar power projects growing around the world, ReneSola (SOL) has effectively strategized the expansion of its operations in regions where this phenomenon is on the rise. The regions specifically consist of US and European markets; New York, Minnesota, Poland and Hungary.

    ReneSola (SOL) misses revenue target and loses investor confidence

    Even with the market-leading positions in several geographies, SOL stock does not show the effectiveness of these positions on its balance sheet. ReneSola(SOL) missed on its revenue target in the Q4 2020. The earnings however were breakeven for the American Depositary Share.

    Zacks Consensus Estimate of revenue earning for Q4 2020 was $25 million while SOL stock was able to generate $16.8 million and missed the estimate by 31.8%. Furthermore, ReneSola’s own projection for the quarter was around $23-$25 million.

    As for the Full-Year report, the revenues were reported at $73.9 million while the SOL’s guidance had an expectation of $80-$100 million. This FY 2020 revenue is weaker in comparison to FY 2019’s $119.1 million.

    Cash Equivalent Finances

    As of the end of the year 2020, ReneSola (SOL) had cash and cash equivalent of $40.6 million. This is a 59% increase than that of $24.3 million on 31st Dec, 2019. Let’s look at the operational activities of the SOL stock.

    Operational activities of ReneSola (SOL)

    Operating expenses were drastically down to $1.5 million – a 92.6% down from the $20.4 million witnessed on the Q4 on 2019. ReneSola generated a gross margin of 14.7% in the fourth quarter of 2020 as compared to 26.9% of the year-ago quarter.

    Income generated through operational activities in the fourth quarter totaled at $0.96 million. However, in the last year in the same quarter in operated at a loss of $13.3 million.

    Recent Solar Projects completed

    The SOL stock has 828 MW of projects completed in the year 2020. While the number of late-stage projects totaled at 1 GW. The rooftop projects operation in the year 2020 comprised of 173 MW out of which 149.2 are present in China and 24.1 are in the United States.

    SOL stock’s estimate and guidance for the year 2021

    The SOL stock has also given quarterly and full-year guidance for the year 2021. For the first quarter, ReneSola (SOL) expects revenue of $18-$20 million while the ZCE is projected at $24.6 million. Similarly, for the Full Year 2021, the company-projection is in the range of $90-$100 million while the ZCE has pegged the revenues at $161.4 million which is again much higher than the SOL stock projection.

  • The best-performing stocks in the Solar Sector last trading session

    The best-performing stocks in the Solar Sector last trading session

    During the third quarter of 2020, U.S. solar firms built 3.8 GW of new solar PV capacity. The industry struggled to recover from some of the worst effects of the Covid-19 pandemic in Q2, which saw installations rise by 9%.

    The Solar Energy Industries Association (SEIA) and Wood Mackenzie have released the “US Solar Market Insight Q4 2020” report, which indicates that solar will account for 43% of all additional capacity additions through Q3 2020, more than any other electricity source. In 2020, a record 19 GW of new solar capacity is projected, representing a 43% year-over-year increase from 2019.

    The residential solar sector, which seems to have been the hardest hit by the pandemic’s business effects, has surpassed recovery expectations, rising 14 percent over Q2. Even it stayed below the rate of Q1.

    Following are the best performing stocks in the Solar Sector in the last trading session.

    Array Technologies Inc. (NASDAQ:ARRY) shares were trading up 4.57% at $38.64 at the time of writing on Tuesday. On December 7, 2020, the company declared the closing of the secondary offering by a parent entity of the Company controlled by Oaktree Capital.

    Array Technologies Inc. (NASDAQ:ARRY) share price went from a low point around $29.05 to briefly over $50.99 in past 52 weeks, though shares have since pulled back to $38.64. ARRY market cap has remained high, hitting $4.86B at the time of writing, giving it price-to-sales ratio of more than 5.

    If we look at the recent analyst rating ARRY, JP Morgan upgraded coverage on ARRY shares with an Overweight rating and a $45.39 price target, which implies room for 6.75% upside momentum this year.

    Canadian Solar Inc. (CSIQ) last closed at $43.02, in a 52-week range of $12.00 to $45.70. The firm on November 23, 2020 reported that it signed a power purchase agreement with BTG Pactual and that it was awarded with two projects in a private auction by Furnas Centrais Elétricas for a total of 862 MWp in solar power projects in Brazil. Analysts have a consensus price target of $45.57.

    Enphase Energy Inc. (ENPH) stock soar by 10.61% to $160.46. The company recently revealed the launch of the Enphase Installer Network (EIN) in Australia. The most recent rating by Piper Sandler, on December 11, 2020, is at an Overweight.

    First Solar Inc. (NASDAQ:FSLR) Shares headed rising, higher as much as 5.39%. The most recent rating by Piper Sandler, on December 11, 2020, is at a Neutral.

    JinkoSolar Holding Co. Ltd. (NYSE:JKS) rose 17.78% after gaining more than $9.55 on Tuesday following declaration of changes to its senior management team.

    Sunnova Energy International Inc. (NOVA) last closed at $42.97, in a 52-week range of $6.12 to $46.00. On December 4, 2020, the firm reported that it closed its securitization of leases and power purchase agreements on November 30, 2020. Analysts have a consensus price target of $40.18.

    Sunrun Inc. (RUN) stock soar by 10.63% to $63.17. The firm on November 24, 2020 reported five environmental justice initiatives to expand access to solar and its benefits. The most recent rating by UBS, on October 27, 2020, is at a Sell.

    SolarEdge Technologies Inc. (NASDAQ:SEDG) Shares headed rising, higher as much as 6.97%. The most recent rating by Piper Sandler, on December 11, 2020, is at an Overweight.

    ReneSola Ltd (NYSE:SOL) rose 17.19% after gaining more than $1.2 on Tuesday. The company stated on December 8, 2020, that China’s Ministry of Finance approved ten of the Company’s rooftop projects to receive incentive payments.

    SPI Energy Co. Ltd. (SPI) last closed at $7.64, in a 52-week range of $0.55 to $46.67.

    SunPower Corporation (SPWR) stock soar by 13.10% to $24.87. The firm on November 24, 2020, declared a tender offer to purchase any and all of its outstanding 0.875% Convertible Senior Debentures due 2021. The most recent rating by UBS, on October 27, 2020, is at a Sell.

    Sunworks Inc. (NASDAQ:SUNW) Shares headed rising, higher as much as 12.81%. On December 7, 2020, the company announced that it has sold approximately 3.8 million shares of common stock. The most recent rating by ROTH Capital, on April 02, 2020, is at a Neutral.

    VivoPower International PLC (NASDAQ:VVPR) rose 19.16% after gaining more than $1.23 on Tuesday after announcing the appointment of Gemma Godfrey to the Company’s Board of Directors.