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ReneSola (SOL) Stock Jumps 11%: Will It Continue to Soar?

Zacks Equity Research
·2-min read

ReneSola (SOL) shares ended the last trading session 11% higher at $5.76. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 15.9% gain over the past four weeks.

In a recent development, majority leaders of U.S. Sensate, Chuck Schumer and Joe Manchin announced that they have reached to an agreement for spending provision of $369 billion in the U.S. clean energy industry. Such an enormous climate spending provision must have boosted the share price of ReneSola

This solar energy company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of -81.8%. Revenues are expected to be $14.41 million, down 22.3% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For ReneSola, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SOL going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

ReneSola is a member of the Zacks Solar industry. One other stock in the same industry, FTC Solar (FTCI), finished the last trading session 20.1% higher at $4.97. FTCI has returned 26% over the past month.

For FTC Solar , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.16. This represents a change of +23.8% from what the company reported a year ago. FTC Solar currently has a Zacks Rank of #3 (Hold).


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