Canadian Solar (NASDAQ:CSIQ) Upgraded at Citigroup

Citigroup upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a sell rating to a neutral rating in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has $18.00 price target on the solar energy provider’s stock, up from their prior price target of $11.00.

Several other equities analysts have also commented on the stock. Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Wells Fargo & Company reduced their target price on shares of 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 upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Mizuho increased their price target on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Canadian Solar presently has a consensus rating of “Hold” and an average price target of $19.36.

Canadian Solar Stock Performance

NASDAQ:CSIQ opened at $13.35 on Wednesday. The company has a market cap of $906.47 million, a price-to-earnings ratio of -5.30 and a beta of 1.51. Canadian Solar has a 1 year low of $9.41 and a 1 year high of $34.59. The stock’s 50 day simple moving average is $16.34 and its two-hundred day simple moving average is $17.17. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $950.43 million. During the same period in the prior year, the company earned ($1.07) EPS. The company’s quarterly revenue was down 9.9% compared to the same quarter last year. As a group, equities analysts anticipate that Canadian Solar will post -1.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The SEC filing for this sale provides additional information. 21.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Canadian Solar

A number of large investors have recently made changes to their positions in CSIQ. JPMorgan Chase & Co. raised its position in Canadian Solar by 206.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after purchasing an additional 385,355 shares during the period. UBS Group AG boosted its position in shares of Canadian Solar by 71.3% during the fourth quarter. UBS Group AG now owns 399,963 shares of the solar energy provider’s stock valued at $9,507,000 after buying an additional 166,412 shares during the period. Polunin Capital Partners Ltd bought a new position in shares of Canadian Solar during the fourth quarter valued at approximately $43,692,000. Hussman Strategic Advisors Inc. bought a new position in shares of Canadian Solar during the fourth quarter valued at approximately $2,995,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Canadian Solar by 14,259.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 224,011 shares of the solar energy provider’s stock worth $5,325,000 after buying an additional 222,451 shares during the period. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.