ReneSola Ltd. (ADR) (NYSE:SOL) stock up by 20.42%


Dallas, Texas 07/16/2013 (Financialstrend) – ReneSola Ltd. (ADR) (NYSE:SOL), as a vertically integrated player in the industry, has one of the lowest cost levels across the globe. The company currently maintains an advantageous position compared to its peers, and the stock may effectively benefit from the soon-to-recuperate demand for a wide range of solar wafers and other related products. In addition, the company is also at the second position in wafer supplies across the globe and thereby analysts expect that SOL will capture larger shares in the market.

Despite tough economic times, the company and its management have proven to be resilient to such shocks and are willing to continuously evolve the strategies through ever-changing market dynamics. These characteristics have helped the firm to avoid the accumulation of large amounts of long-term debt, which is common in this industry, and will further help the firm to record higher levels of profitability; meanwhile, the cost reduction initiative will expand the firm’s profit margins considerably.

ReneSola Ltd. (ADR)(NYSE:SOL) surged along with other solar stocks in the market as it was recently revealed that China’s State Council will effectively support the growth of solar power production to 35 gigawatts throughout 2015.

Intraday range was from a low price of $3.29 to a high price of $3.64. The share price of ReneSola Ltd. (ADR) (NYSE:SOL) currently trading at $3.48, recording an increase of 20.42%. The price range of ReneSola for the past 52 weeks was from $1.08 to $3.64. The stock opened at the price of $3.31 with a market capitalization of $298.90 million and 86.39 million outstanding shares. With an institutional ownership of 12%, the trading volume for the day of ReneSola was 8.26 million and the average trading volume was 1.29 million shares.