StockNews.com Upgrades Canadian Solar (NASDAQ:CSIQ) to “Hold”

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

Several other research analysts also recently weighed in on the company. Mizuho initiated coverage on Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 price target for the company. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Wells Fargo & Company dropped their target price on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 5th. Jefferies Financial Group initiated 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, Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.31.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $12.74 on Tuesday. The stock’s fifty day simple moving average is $12.30 and its two-hundred day simple moving average is $13.74. The stock has a market cap of $842.87 million, a PE ratio of -106.17, a price-to-earnings-growth ratio of 8.89 and a beta of 1.27. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. Canadian Solar has a 1-year low of $10.60 and a 1-year high of $25.43.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. Canadian Solar’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same period last year, the company posted $0.32 earnings per share. As a group, analysts forecast that Canadian Solar will post 0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Large investors have recently modified their holdings of the stock. Quarry LP bought a new position in shares of Canadian Solar in the 2nd quarter worth approximately $31,000. Daiwa Securities Group Inc. boosted its holdings in shares of Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after buying an additional 1,500 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of Canadian Solar in the 3rd quarter worth about $219,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after acquiring an additional 4,739 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in Canadian Solar by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after acquiring an additional 1,383 shares during the period. Institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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.