Is It Time To Review Stock News? ReneSola Ltd (NYSE: SOL)

ReneSola Ltd (NYSE: SOL) changed 4.35% to recent value of $1.68. The stock transacted 23725 shares during most recent day however it has an average volume of 34.62K shares. It spotted trading -43.81% off 52-week high price. On the other end, the stock has been noted 46.09% away from the low price over the last 52-weeks.

In a joint statement, ReneSola Ltd (NYSE: SOL) (“ReneSola”), a leading fully-integrated solar project developer and provider of energy-efficient products, and Nautilus Solar Energy, LLC (“Nautilus”), a leading national solar project acquisition, development and asset management company, disclosed Nautilus’s acquisition of a 21 MW community solar portfolio, the largest community solar portfolio developed by ReneSola in Minnesota. Like two previous ~13MW acquisitions announced in 2017 and 2018 between the parties, this portfolio also qualified under Xcel Energy’s rapidly expanding community solar program in Minnesota. The portfolio is spread over four sites and will incorporate both single-axis tracking and fixed tilt solar applications. The portfolio will be built through the remainder of year and is expected to come online during Q4 2019.

Nautilus, through its full-service platform, provided early-stage development capital and will be responsible for long-term asset management services and maintenance for the projects. The projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy. The energy provided by the portfolio directly benefits local community off-takers located offsite by providing energy cost savings while also advancing subscriber’s sustainability goals.

Hal Galvin, General Manager, U.S. Midwest Region of ReneSola Power Holdings, the U.S. project development arm of ReneSola remarked “This transaction once again demonstrates the strong project development and subscription sales capabilities of our Minneapolis-based community solar team”. “Our prior successful experience partnering with the Nautilus team continued to give us confidence in their transaction execution capabilities and their expertise in community solar,” added Doran Hole, CEO, North America and Group VP — Strategy of ReneSola.

Jim Rice, CEO of Nautilus Solar said “With this acquisition, we significantly expand our presence in and commitment to the Minnesota community solar marketplace”.  “The size of this transaction further demonstrates Nautilus’s goal of becoming a leading acquirer of community solar projects in Minnesota and throughout the country” added Jeffrey Cheng, COO of Nautilus Solar.

 Its earnings per share (EPS) expected to touch remained 107.60% for this year while earning per share for the next 5-years is expected to reach at 15.00%.

 The company has 38.07M of outstanding shares and 37.69M shares were floated in the market. According to the most recent quarter its current ratio was 1.7 that represents company’s ability to meet its current financial obligations. The price moved ahead of -3.14% from the mean of 20 days, -5.50% from mean of 50 days SMA and performed -13.24% from mean of 200 days price. Company’s performance for the week was -0.64%, -6.15% for month and YTD performance remained 41.18%.

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