Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ReneSola Ltd. (ADR) (NYSE: SOL) reported its Q1 results ahead of expectations, while guiding to a better-than-anticipated Q2.
Roth Capital’s Philip Shen reiterated a Neutral rating on the company, with a price target of $1.45.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
1Q Results
ReneSola reported a modest revenue beat for the quarter, ahead of the consensus and the estimate at $261 million.
Gross margin was also higher than estimated at 17.1 percent, partly driven by improvement in wafer margin and LED business growth.
The EPS for 1Q beat the estimate and the consensus expectations of loss per share, at $0.06.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
Q2 Guidance
“Management reiterated expected project sales of ~100MW in 2016 and expanded its late-stage pipeline to 323MW giving us greater confidence that the company’s sales target is achievable,” Shen mentioned.
However, the analyst prefers to remain on the sidelines until ReneSola is able to demonstrate its ability to grow its distribution and downstream business and generate consistent profits, while also sustaining attractive margins at its manufacturing business.
At the same time, Shen also stated an incrementally positive stance on the company’s downstream business, with ReneSola having increased its total pipeline to 785MW, with a late stage pipeline of 323MW.
“Additionally, SOL resolved its dispute with Pristine Sun and is now expected to be 100 percent owner of 88MW of U.S. solar projects,” Shen added.
ReneSola expects run rate revenues of $20 million per quarter and margins of more than 40 percent by year end 2016 for its LED business.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.