Canadian Solar’s (CSIQ) Sell Rating Reiterated at Glj Research

Canadian Solar (NASDAQ:CSIQ)‘s stock had its “sell” rating reissued by equities research analysts at Glj Research in a research note issued on Thursday,Benzinga reports. They presently have a $5.58 target price on the solar energy provider’s stock. Glj Research’s price target would indicate a potential downside of 59.77% from the stock’s previous close.

CSIQ has been the subject of several other research reports. Mizuho raised their price target on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, June 15th. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Citigroup upgraded shares of Canadian Solar from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $11.00 to $18.00 in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $18.11.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $13.87 on Thursday. The firm has a market capitalization of $941.77 million, a price-to-earnings ratio of -5.50 and a beta of 1.52. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The business’s 50-day moving average price is $15.06 and its 200-day moving average price is $16.15. Canadian Solar has a 12 month low of $9.41 and a 12 month high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. Equities research analysts forecast that Canadian Solar will post -1.81 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of institutional investors have recently modified their holdings of CSIQ. Northwestern Mutual Wealth Management Co. acquired a new stake in Canadian Solar in the 2nd quarter valued at $25,000. Raymond James Financial Inc. bought a new stake in shares of Canadian Solar during the second quarter worth about $33,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the last quarter. Optiver Holding B.V. bought a new position in Canadian Solar in the 1st quarter valued at about $44,000. Finally, Quarry LP bought a new position in Canadian Solar in the 4th quarter valued at about $54,000. 52.36% of the stock is owned by institutional investors and hedge funds.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.