HomeShare Market SnapshotReneSola Ltd (SOL) stock plummeted in pre-market, Here's why?

ReneSola Ltd (SOL) stock plummeted in pre-market, Here’s why?

ReneSola Ltd (SOL) is one of the innovative development companies in solar power technology. From the development of community solar gardens to selling clean electricity in different regions of the United States and Europe, the company is proving its worth in solar power projects. A total of 100 projects of 173 megawatts capacity are operated by SOL.


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During the premarket trading on Wednesday 9 December, SOL stock traded at $5.70, declining 2.56%. On December 7, 2021. ReneSola Ltd released the third quarter financial results which ended on September 30, 2021. The key updates are as follows:

Revenue and total assets

Total revenue generated was $15.5 million during the third quarter of 2021 whereas during Q3 of 2020 it was $9.7 million. Total assets reported by the company during the third quarter of 2020 were $289 million in correspondence to the same quarter of 2021 ($555.9 million) where a significant rise was observed.

Cash equivalents and gross profit

Cash equivalents reported for Q3 2021 were $275 million as compared to the same quarter of 2020 which was $15 million. A gross profit of $6.1 million in the third quarter of 2021 was reported while during the same quarter of 2020 it was $5.9 million.

Events and Happenings

On December 6, 2021, SOL announced that its board of directors allowed the repurchase of$50 million of the company’s American Depositary Shares (ADS). The agreement is effective immediately. The company had approximately 70 million ADS outstanding. ReneSola Ltd may purchase ADS from time to time at the discretion of management through different means.

On Nov. 12, 2021, the company reported the unveiling of a 7 MW ground-mounted solar power project, which is a joint venture of ReneSola Power and Emeren. The two companies expect to develop projects in a broad range of sizes across Italy, with a target of reaching 110 MW shovel-ready projects by 2022.

On Nov. 11, 2021, the company announced another collaboration with Greenbacker Renewable Energy Company which mainly focuses on investments in renewable energy power and energy efficiency projects and other sustainable investments. The company’s portfolio comprises four ground-mounted projects in Maine across different locations.

Conclusion

Numerous projects are in the pipeline for the company and a steady increase in the stock price shows the confidence of investors in the company and the stock is in good shape to rise.

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