On 18 May 2020, ReneSola Ltd (NYSE: SOL) spotted trading -55.23% off 52-week high price. On the other end, the stock has been noted 9.66% away from the low price over the last 52-weeks. The stock changed 1.68% to recent value of $0.94. The stock transacted 18781 shares during most recent day however it has an average volume of 59.64K shares. The company has 48.08M of outstanding shares and 38.08M shares were floated in the market.
ReneSola Power Inc. (SOL) recently discussed recent initiatives taken to help it prudently manage its business during the COVID-19 pandemic. The company also updated first quarter guidance to reflect the impact of those protective measures.
As the crisis took hold in its major markets in Europe and the U.S. in March, the Company immediately implemented initiatives to ensure the health and well-being of its employees and business partners, and to support government efforts to control the pandemic. Startning in early March, the Company transitioned all its employees from sales offices in Europe and the U.S. to a remote work environment, with a few exceptions where physical presence is necessary for operation of projects. The Company’s single office in Shanghai, China re-opened in mid-February, having been closed since late January, at the start of the Chinese Lunar New Year holiday.
ReneSola Power operates in the energy industry, which is federally identified as a critical infrastructure sector in the U.S. Therefore, the Company is able to conduct business while protecting its employees. In addition to protecting the health of its stakeholders, the Company considers it vitally important to economically support its employees and communities.
Work continues at individual projects in the U.S. and internationally based on their stage of development. Projects in phases conducive to remote/electronic work continue uninterrupted; these stages include financing, design, permitting, sales, etc. Some projects under construction will be temporarily delayed as the Company awaits delivery of key parts, such as modules. Construction continues uninterrupted at projects that have all components delivered.
The Company also updated its first quarter 2020 guidance Because of the impact of the COVID-19 situation. The closing of a sale of two projects in Hungary was delayed from its plannedtime in late March. Cancellation of in-person meetings, together with the temporary closing of financial institutions, delayed by a few days the completion of all necessary documentation. The sale closed on April 7; revenue from the sale will be recognized in the second quarter.
Because of the delay, the Company now expects first quarter revenue to be in the range of $18 to $20M, and gross margin is predictable to be in the range of 6% to 7%. The Company is not changing full year 2020 guidance.
“During these trying times, our primary focus remains on the safety and well-being of our employees, business partners and consumers,” stated Yumin Liu, Chief Executive Officer of ReneSola Power. “We took decisive action to protect our employees, while also sustaining the efficient operation of our business. Work progresses even as we await the ‘all clear’ from authorities, at which time we can assume normal operations. During the crisis, we were able to complete the sale of projects in Canada and Hungary, and we received additional credit facilities from government programs to assist our working capital and general corporate purposes. We are proud to have minimized the economic impact on our business, while maximizing the care for our employees, both physically and financially.”
Its earnings per share (EPS) expected to touch remained 77.30% for this year while earning per share for the next 5-years is expected to reach at 15.00%. SOL has a gross margin of 28.70% and an operating margin of -0.70% while its profit margin remained -7.40% for the last 12 months. According to the most recent quarter its current ratio was 0.9 that represents company’s ability to meet its current financial obligations. The price moved ahead of -5.39% from the mean of 20 days, -9.60% from mean of 50 days SMA and performed -26.90% from mean of 200 days price. Company’s performance for the week was -7.06%, -11.53% for month and YTD performance remained -34.98%.