ReneSola (SOL) shares soared 6.3% in the last trading session to close at $7.82. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock’s 9.5% gain over the past four weeks.
On Oct 19, the U.S. Department of Energy (DOE) awarded nearly $40 million to 40 projects that are advancing the next generation of solar, storage, and industrial technologies necessary for achieving the Biden-Harris administration’s climate goal of 100% clean electricity by 2035. This must have led to the latest uptick in ReneSola’s share price as the company is a prominent U.S. solar player.
This solar energy company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $20.22 million, up 107.4% 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.
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 >>>>
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