Why ReneSola Stock Dropped 17.1% Before Bouncing Back Today
Shares of solar energy stock ReneSola (NYSE: SOL) fell as much as 17.1% in trading on Wednesday after the company reported earnings and responded to a short-seller report. But shares bounced back as the day went on, and as of 3:10 p.m. ET, they were trading flat for the day.
The third quarter didn't end quite the way management had expected, with revenue falling 16% sequentially to $15.5 million and non-GAAP (adjusted) net income plunging 77% to $1.7 million. However, revenue can be volatile based on the timing of project sales, so a single quarter's results should be taken with a grain of salt.
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Source Fool.com
