Canadian Solar (NASDAQ:CSIQ) Stock Rating Upgraded by Freedom Capital

Canadian Solar (NASDAQ:CSIQ) was upgraded by Freedom Capital from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

CSIQ has been the subject of several other reports. Daiwa Securities Group raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a report on Tuesday, December 2nd. Oppenheimer decreased their price target on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, March 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Mizuho cut their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Roth Mkm reduced their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $17.66.

Canadian Solar Stock Up 7.9%

Shares of CSIQ opened at $14.31 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97. Canadian Solar has a 12 month low of $6.57 and a 12 month high of $34.59. The firm’s 50 day moving average is $19.00 and its 200-day moving average is $19.74. The stock has a market capitalization of $958.34 million, a PE ratio of -5.72 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.56). The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.37 billion. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. The company’s quarterly revenue was down 20.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 earnings per share. Equities research analysts forecast that Canadian Solar will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC boosted its stake in Canadian Solar by 646.2% in the third quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock valued at $3,081,000 after buying an additional 204,623 shares in the last quarter. Inceptionr LLC bought a new position in Canadian Solar in the second quarter valued at about $152,000. Mackenzie Financial Corp raised its stake in Canadian Solar by 7.4% during the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after acquiring an additional 405,800 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Canadian Solar by 21.7% in the second quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock worth $20,039,000 after acquiring an additional 324,254 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Canadian Solar in the third quarter worth about $1,640,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.