Canadian Solar (NASDAQ:CSIQ) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a sell rating to a hold rating in a research report released on Tuesday morning.

Other research analysts also recently issued research reports about the company. Mizuho started coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective on the stock. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Wells Fargo & Company cut their target price on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 5th. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target for the company. Finally, The Goldman Sachs Group lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Solar has a consensus rating of “Hold” and a consensus price target of $18.31.

Canadian Solar Stock Performance

NASDAQ:CSIQ opened at $12.74 on Tuesday. Canadian Solar has a 1-year low of $10.60 and a 1-year high of $25.43. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The business has a 50 day moving average of $12.27 and a 200 day moving average of $13.73. The company has a market capitalization of $842.87 million, a price-to-earnings ratio of -106.17, a PEG ratio of 8.89 and a beta of 1.27.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business’s quarterly revenue was down 18.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 EPS. On average, sell-side analysts predict that Canadian Solar will post 0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

A number of large investors have recently modified their holdings of CSIQ. Mackenzie Financial Corp lifted its holdings in Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after buying an additional 1,037,800 shares during the period. SIR Capital Management L.P. bought a new position in shares of Canadian Solar in the 2nd quarter worth approximately $3,994,000. Cerity Partners LLC lifted its stake in shares of Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after purchasing an additional 243,542 shares during the period. Barclays PLC boosted its position in shares of Canadian Solar by 494.4% during the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after purchasing an additional 95,924 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Canadian Solar in the third quarter worth $1,109,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.