ReneSola Ltd (NYSE:SOL) stock observed trading -35.55% off 52-week high price. On the other end, the stock has been noted 58.32% away from low price over the last 52-weeks. The stock disclosed a move of -7.41% away from 50 day moving average and -0.25% away from 200 day moving average. Moving closer, we can see that shares have been trading -2.06% off 20-day moving average. It has market cap of $51.39M.
On Jan. 16, 2020, ReneSola Ltd (NYSE:SOL) a leading fully integrated solar project developer, updated its financial guidance for the fourth quarter and fiscal year 2019 to reflect the delay in recognizing revenue from the sale of a solar project in Canada. The Company now anticipates completing this project sale and recognizing revenue in the first quarter of 2020.
Preliminary Fourth Quarter and Full-year Results
Based on preliminary unaudited results, the Company expects revenue for the fourth quarter of 2019 to be in the range of $20 million to $25 million, compared to its previous guidance of $45 million to $50 million. Gross margin for the fourth quarter of 2019 is expected to be in the range of 27% to 31%, compared to the prior guidance of 10% to 15%. For fiscal year 2019, the Company expects revenue to range between $115 million and $120 million, compared to its previous guidance of $130 million to $140 million. Gross margin for fiscal year 2019 is expected to be in the range of 25% to 30%, compared to the prior guidance of 20% to 25%.
ReneSola Power CEO Yumin Liu commented, Fourth quarter results were impacted by the delay in the closing of the sale of a project in Canada. Despite the near-term challenge, the foundation of our business is strong and more evident than ever. Sale activity continues to increase across many of our geographies, helping to accelerate our business momentum. We are confident in our ability to successfully monetize our robust project pipeline in the next several quarters.
The China based company ReneSola Ltd moved with change of -1.45% to $1.36 with the total traded volume of 67623 shares in recent session versus to an average volume of 48.55K. The stock was observed in the 5 days activity at 0.76%. The one month performance of stock was -9.93%. SOL’s shares are at -14.47% for the quarter and driving a -16.05% return over the course of the past year and is now at -3.89% since this point in 2018. Right now the stock beta is 2.11. The average volatility for the week and month was at 3.93% and 4.73% respectively. There are 37.79M shares outstanding and 37.71M shares are floated in market.