ReneSola Ltd. (SOL) A Good Short Term Play

ReneSola Ltd. (SOL) A Good Short Term Play
   
    ReneSola Ltd Is a Chinese silicon wafer manufacturer whose stock is a hot IPO in a space that is red-hot. Most all solar companies that produce panels except for First Solar which uses a different panel manufacturing process, use silicon solar wafers. There has been a shortage of the wafers due to increased demand so pricing is not an issue for a company like ReneSola.

    Last week ReneSola topped Q1 estimates sending all the solar stocks higher. Their shares leaped as first quarter profit nearly tripled due to their rising solar wafer production. The stock is currently up 3.40% today thus hitting a new intra-day 52 week high of $29.48.

    The company looks solid going forward as current quarter earnings estimates have moved from .06 to .31 in the past 90 days. Next quarter earnings estimates have also moved from 0.16 to 0.34 in the last 90 days. With a 70 Price/Earnings ratio and 198% revenue growth (yoy) and 88% quarterly earnings growth (yoy) the stock is not terribly expensive at this time and could be cheap if earnings estimate continue to climb.