It Seems ReneSola Ltd (SOL) Will Go Up. Formed A Few Months Descending Triangle Chart Pattern

September 8, 2018 - By Carolyn Hewitt

The stock of ReneSola Ltd (SOL) formed a descending triangle with $2.43 target or 6.00 % above today’s $2.29 share price. The 8 months triangle pattern indicates low risk for the $87.35M company. If the $2.43 price target is reached, the company will be worth $5.24M more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

The stock decreased 1.09% or $0.0254 during the last trading session, reaching $2.2946. About 65,013 shares traded or 38.10% up from the average. ReneSola Ltd (NYSE:SOL) has declined 5.76% since September 8, 2017 and is downtrending. It has underperformed by 18.33% the S&P500.

Analysts await ReneSola Ltd (NYSE:SOL) to report earnings on September, 26. They expect $0.03 EPS, up 101.91 % or $1.60 from last year’s $-1.57 per share. SOL’s profit will be $1.14M for 19.12 P/E if the $0.03 EPS becomes a reality. After $0.14 actual EPS reported by ReneSola Ltd for the previous quarter, Wall Street now forecasts -78.57 % negative EPS growth.

More recent ReneSola Ltd (NYSE:SOL) news were published by: which released: “ReneSola’s (SOL) CEO Xianshou Li on Q2 2018 Results – Earnings Call Transcript” on September 06, 2018. Also published the news titled: “ReneSola Ltd. 2018 Q2 – Results – Earnings Call Slides” on September 06, 2018.‘s news article titled: “ReneSola (SOL) Misses Q2 EPS by 3c, Revenues Beat; Offers FY18 Revenue Outlook” with publication date: September 06, 2018 was also an interesting one.

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects. The company has market cap of $87.35 million. It operates through three divisions: solar power project development, EPC services, and electricity revenue generation. It has a 0.82 P/E ratio. The firm also develops community solar gardens; and sells projects rights.

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