NEW YORK (TheStreet) -- Shares of ReneSola(SOL) - Get Report are jumping 14.63% to $1.41 on heavy trading volume on Monday afternoon after the Jiashan, China-based company reported 2016 first quarter results that topped analysts' expectations.
Before the market open, the solar energy company reported earnings of 6 cents per share, surpassing analysts' projections for a loss of 4 cents per share.
Revenue fell 25.3% to $260.7 million year-over-year, but beat Wall Street's estimates of $256 million.
"The quarter played out largely as we had anticipated and was marked by solid growth in the downstream project pipeline, margin improvement, and in-line revenue performance," CEO Xianshou Li said in a statement.
"Despite somewhat negative sentiment in the solar industry during the quarter, we are executing on our strategy to remain a global leader across the solar value chain," Li added.
For the second quarter, ReneSola sees revenue between $280 million and $290 million, above analysts' expectations. Analysts are looking for revenue of $275 million.
In 2016, the company forecasts revenue between $1 billion and $1.2 billion, while analysts are modeling revenue of $1.13 billion.
About 1.21 million of ReneSola's shares changed hands so far today compared to its average volume of 261,779 shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: SOL