Here is why ReneSola Ltd (SOL) stock face headwinds in the after-hours on Monday?

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NFTs Stocks

ReneSola Ltd (SOL) shares declined 4.66% in after-hours on Monday, August 30, 2021, and closed the daily trading at $6.75. In the regular trading session of Monday, SOL’s stock gained 1.87%. The stock volume remained at 2.09 million shares, which was higher than the average daily volume of 1.18 million shares within the past 50 days. SOL shares have risen 220.36% over the last 12 months, and they have moved up 6.31% in the past week. Over the past three months, the stock has 12.81%, while over the past six months, it has declined 51.51%.

Let’s have a look at its recent news and developments.


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SOL recent financial results announcement

On August 30, 2021, ReneSola Ltd (SOL) announced its unaudited financial results for the second quarter ended June 30, 2021.

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Q2 2021 financial highlights

  • SOL reported revenue of $18.5 million in Q2 2021 compared to $26.19 million in Q2 2020.
  • In Q2 2021, gross profit was $11.3 million, with a gross margin of 61.0% compared to gross profit of $7.5 million in Q2 2020.
  • Operating expenses were $4.0 million in Q2 2021 compared to $2.9 million in Q2 2020.
  • It earned a net income of $7.0 million in Q2 2021, compared to$3.1 million in the second quarter of 2020.
  • Net income per ADS was $0.10 in the second quarter of 2021, compared to $0.06 in the second quarter of 2020.
  • As of June 30, 2021, the company had cash and equivalents totalled $286.0 million compared to $301.0 million as of March 31, 2021.

The financial outlook for Q3 & FY 2021

  • For FY 2021, the company is expecting, revenue in the range of $90 to $100 million with a gross margin of exceed 30%
  • For the third quarter of 2021, revenue to be in the range of $19 to $21 million and gross margin in the range of 36% to 40%.

SOL collaboration with Emeren

On July 30, 2021, ReneSola Ltd (SOL) signed a strategic partnership agreement with Emeren, to co-develop ground-mounted solar projects in Italy, with a pipeline of several transactions scheduled for 2021.

According to the agreement, ReneSola Power and Emeren will develop projects in a broad range of sizes across the country, with a target of reaching 110 MW shovel-ready projects by 2022.

SOL corporate updates

On July 23, 2021, ReneSola Ltd (SOL), announced that Mr. Wade (Wenjun) Li resigned from the Company’s Board of Directors to pursue other interests. Mr. Li has served on the Company’s Board since October 2019. The Board of Directors has appointed Ms. Maggie Ma to the Company’s Board.

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Conclusion

Though the company earned strong profit still its stock went down in the after-hours o Monday because it could not achieve other important financial figures. We hope that it will return towards positivity on Tuesday.

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