Shares of ReneSola (SOL) were hammered today, down nearly 17%, after the company reported strong earnings results, but weaker guidance than what the Street was expecting.  The company reported another quarter of big quarter over quarter growth with an EPS of .69 on revenues of $386 million.  That matched analyst estimates on the EPS side and beat estimates on the revenue side (analysts expected $366 million).  However, traders sold the stock due to weak Q1 guidance.   Analysts were looking for $342 million, but the company is forecasting $310 – $330 million in revenue.  Was the 17% plunge  justified?  In my opinion, no.  Once the dust clears, SOL may offer an outstanding entry point.

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Here are some highlights of comments made by the CEO and CFO..

– achieved a record ROE of 34.4% in 2010
– recorded record revenue of $1.2 billion in 2010
– lowered the non silicon manufacturing cost to $.24/watt
– expects to continue to lower costs this year
– looking to capture market share through capacity expansion
– expects increasing competition

Shares of SOL plunged to an important level of support today right around that 200 day moving average.  I wouldn’t be a buyer just yet, but if it can hold that level and begin to repair today’s technical damage, it sure looks compelling down here.