ReneSola Getting Clobbered and Might Not Get Back Up

It was as if investors rubbed on flaxseed oil and took baseball bats to Chinese solar companies.

ReneSola (NYSE: SOL) was hit particularly hard and it continues being beaten. On a day when shares of leading Chinese solar companies are rising, ReneSola is hitting a new 52-week low, bettering the 52-week low made the day before.

With a couple of hours still to go in trading on Tuesday, ReneSola is down over 4% while other leading Chinese players, such as Trina Solar (NYSE: TSL), JinkoSolar (NYSE: JKS), and LDK Solar (NYSE: LDK) are all up.

According to China Analyst, ReneSola has upside potential of 140.7%. Upside potential is based on the consensus target price of $11.10, which is the average of all analyst estimates.

That is a lot of upside potential, but investors could still suffer a beating by getting into ReneSola shares right now. It is hitting new lows on heavy volume, which could signal the bats are about to take a break or ReneSola is not going to get back up anytime soon.

TheStreet Ratings currently rates Renesola as a Hold, which could mean, "Hey, if you've held it this long, you might as well see it through till the end." TheStreet says the company's strengths can be seen in multiple areas, such as robust revenue growth, solid return on equity, and attractive valuation levels. On the other hand, it sees weaknesses in debt management and a generally disappointing performance in the stock itself.

Year-to-date, ReneSola, the solar wafer manufacturer and provider of solar modules, is down over 49% and has dropped over 39% in the last month.