Founded in 2005, ReneSola Ltd (SOL: US) is a leading manufacturer of solar and sustainable energy solutions and products. The company commenced its operations in China before moving its headquarters to Connecticut, US in 2020. In 2008, it was listen the NYSE.
ReneSola currently possesses an M Cap of almost $304.8 million, and its share price is presently at $4.54. The latter is a nearly 26.18% decline from SOL’s price on January 3, 2022.
On June 8 and 9, four Form 144s were filed by Renesola Insiders for ADRs (American Depositary Receipt). The latter is a certificate issued by an American depositary bank which represents a given number if shares - often a single share - of a stock from a foreign company.
- Li Xinhan (Crystal) - Vice President, filed the form for 240,172 shares worth almost $1.18 million.
- A form for 50,000 shares valued at $254,000 was filed by Xu Jiyan (Julia), an Independent Director.
- Li Xianshou, the company Founder & TOP5 Insider, filed two forms. One form, dated June 08, was for 2 million shares at almost $10.18 million. The other form was filed the same day as the other two insiders, this time for a smaller number of 83,334 shares worth $408,336.
All the forms were filed via Computershare Executive Services Group, except Li Xianshou’s June 08 form. This was through Bank J Safra Sarasin Ltd.
On June 07, 2022, the company announced its financial results for the first quarter of 2022. According to the announcement’s transcript, the company’s revenue was $3.5 million. Furthermore, the company’s operating expenses were approximately $3.4 million. A rate that was nearly 60.92% less than the previous’s quarter’s operating expense.
In terms of operations, the company reported that solar installations in the US had risen by almost 11% year on year in the first quarter. Additionally, the company stated that they had repurchased $20 million worth of ADR shares outstanding in their ongoing buyback program and have $30 million worth of shares pending.
Europe is one of ReneSola’s biggest markets and the EU commission recently proposed on May 18 to accelerate the continent’s use of renewable energy up to 45%. While ReneSola is on a bright track on the working side, the question remains as to why three insiders are selling off company stock at the same time.