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

Canadian Solar (NASDAQ:CSIQ) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

Several other brokerages also recently commented on CSIQ. The Goldman Sachs Group cut their price objective on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Oppenheimer decreased their price target on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. Wells Fargo & Company dropped their price target on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 5th. Jefferies Financial Group began coverage on Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. Finally, Roth Mkm dropped their target price on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.94.

Canadian Solar Price Performance

CSIQ stock opened at $12.65 on Monday. Canadian Solar has a 52 week low of $10.91 and a 52 week high of $26.85. The firm has a market capitalization of $836.91 million, a P/E ratio of -105.42, a price-to-earnings-growth ratio of 1.17 and a beta of 1.29. The company has a fifty day simple moving average of $13.17 and a two-hundred day simple moving average of $14.61. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.32 earnings per share. Analysts anticipate that Canadian Solar will post 0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of Canadian Solar during the 2nd quarter worth about $31,000. Daiwa Securities Group Inc. grew its holdings in Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after purchasing an additional 1,500 shares during the period. Private Advisor Group LLC acquired a new stake in Canadian Solar in the third quarter valued at approximately $219,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Canadian Solar by 43.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after buying an additional 4,739 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in Canadian Solar by 27.6% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock valued at $257,000 after acquiring an additional 3,768 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.