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

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

A number of other equities research analysts have also issued reports on CSIQ. The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price target for the company from $14.00 to $11.00 in a research report on Tuesday, December 17th. Wells Fargo & Company dropped their target price on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 5th. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Mizuho started coverage on shares of Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective for the company. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.58.

Canadian Solar Price Performance

CSIQ traded up $0.94 during midday trading on Tuesday, hitting $13.29. 2,706,691 shares of the company traded hands, compared to its average volume of 2,059,146. The company has a market capitalization of $879.25 million, a price-to-earnings ratio of -110.75, a PEG ratio of 8.89 and a beta of 1.27. The business has a 50 day simple moving average of $12.33 and a two-hundred day simple moving average of $13.74. 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 52-week low of $10.60 and a 52-week high of $25.43.

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

Institutional Trading of Canadian Solar

Several institutional investors have recently added to or reduced their stakes in CSIQ. American Century Companies Inc. boosted its position in Canadian Solar by 8.0% in the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after buying an additional 1,383 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of 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 acquiring an additional 1,500 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Canadian Solar by 1.4% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock valued at $1,847,000 after purchasing an additional 1,522 shares during the period. Quarry LP acquired a new position in Canadian Solar during the 2nd quarter worth $31,000. Finally, Green Alpha Advisors LLC grew its stake in Canadian Solar by 8.8% during the 3rd quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock worth $677,000 after purchasing an additional 3,282 shares in the last quarter. Institutional investors and hedge funds 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.