StockNews.com cut shares of Canadian Solar (NASDAQ:CSIQ – Free Report) from a hold rating to a sell rating in a research note released on Wednesday morning.
CSIQ has been the subject of a number of other research reports. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price target for the company. The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and cut their target price for the company from $14.00 to $11.00 in a research report on Tuesday. Mizuho started coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target for the company. Roth Mkm cut their price objective on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Finally, Oppenheimer decreased their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Five research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $18.58.
Get Our Latest Analysis on Canadian Solar
Canadian Solar Stock Down 3.0 %
Canadian Solar (NASDAQ:CSIQ – Get Free Report) last issued its quarterly earnings results 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 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%. The company’s revenue was down 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share. On average, research analysts expect that Canadian Solar will post 0.06 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Canadian Solar
Several hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp boosted its holdings in Canadian Solar by 25.4% during 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 in the last quarter. SIR Capital Management L.P. acquired a new position in shares of Canadian Solar in the second quarter worth about $3,994,000. Foundry Partners LLC purchased a new stake in shares of Canadian Solar during the 2nd quarter worth about $3,667,000. Cerity Partners LLC grew its position in shares of Canadian Solar by 131.5% during the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after acquiring an additional 243,542 shares during the period. Finally, Barclays PLC increased its stake in shares of Canadian Solar by 494.4% in the 3rd 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. Hedge funds and other 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.
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