Canadian Solar (NASDAQ:CSIQ) Downgraded to Hold Rating by Freedom Capital

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

Several other equities research analysts have also recently commented on CSIQ. Roth Mkm dropped their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Oppenheimer dropped their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, March 20th. Wells Fargo & Company cut their price objective on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Wall Street Zen downgraded Canadian Solar from a “hold” rating to a “strong sell” rating in a report on Monday, April 20th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $18.36.

Canadian Solar Price Performance

Shares of Canadian Solar stock opened at $15.85 on Tuesday. 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 company’s 50-day moving average price is $15.21 and its two-hundred day moving average price is $20.08. Canadian Solar has a 52 week low of $9.41 and a 52 week high of $34.59. The stock has a market cap of $1.07 billion, a PE ratio of -6.29 and a beta of 1.44.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $950.43 million. During the same period in the previous year, the business earned ($1.07) earnings per share. Canadian Solar’s revenue for the quarter was down 9.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Canadian Solar will post -1.16 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in Canadian Solar by 292.7% during the 1st quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock valued at $14,840,000 after acquiring an additional 798,610 shares in the last quarter. Entropy Technologies LP purchased a new position in Canadian Solar during the 1st quarter valued at about $210,000. Renaissance Technologies LLC purchased a new position in Canadian Solar during the 1st quarter valued at about $6,921,000. Caxton Associates LLP grew its stake in Canadian Solar by 33.4% during the 1st quarter. Caxton Associates LLP now owns 73,654 shares of the solar energy provider’s stock valued at $1,020,000 after acquiring an additional 18,442 shares in the last quarter. Finally, Bank of Nova Scotia grew its stake in Canadian Solar by 16.4% during the 1st quarter. Bank of Nova Scotia now owns 28,496 shares of the solar energy provider’s stock valued at $395,000 after acquiring an additional 4,024 shares in the last quarter. Institutional investors and hedge funds 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.