Canadian Solar Inc. (NASDAQ:CSIQ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Canadian Solar is slowly losing its ground in America despite promising prospects. The company’s falling revenues in the region is a growing concern. Stiff competition from cheaper alternatives, exposure to foreign exchange risks are other major concerns for the company. Again, the Japanese government's tightening of interconnection time frames for projects seeking feed-in tariffs may lead to project push-outs in the country, which add to the concerns. However, Canadian Solar caters to a geographically diverse customer base spread across both key markets and emerging markets. It is gradually gaining share in Asia, which could soon become a major solar market. The company has a strong pipeline of projects and is known for its strategic moves that consolidate its position.”
A number of other research firms have also recently commented on CSIQ. Roth Capital set a $20.00 price target on Canadian Solar and gave the company a “buy” rating in a report on Sunday, August 21st. Vetr cut Canadian Solar from a “buy” rating to a “hold” rating and set a $14.50 price target on the stock. in a report on Monday, October 3rd. Cowen and Company cut Canadian Solar from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $20.00 to $13.00 in a report on Friday, August 19th. Canaccord Genuity reissued a “buy” rating and set a $29.00 price target on shares of Canadian Solar in a report on Wednesday, June 29th. Finally, FBR & Co decreased their price target on Canadian Solar from $32.00 to $23.00 and set an “outperform” rating on the stock in a report on Friday, August 19th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $23.07.
Canadian Solar (NASDAQ:CSIQ) traded up 1.56% during midday trading on Tuesday, hitting $14.93. The stock had a trading volume of 297,994 shares. The company has a market capitalization of $860.04 million, a PE ratio of 5.66 and a beta of 2.57. The stock’s 50-day moving average is $13.44 and its 200-day moving average is $15.46. Canadian Solar has a 1-year low of $11.72 and a 1-year high of $29.83.
Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, August 18th. The company reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.31. The business had revenue of $805.90 million for the quarter, compared to analysts’ expectations of $735.82 million. Canadian Solar had a return on equity of 19.71% and a net margin of 4.45%. The business’s quarterly revenue was up 26.6% on a year-over-year basis. During the same period last year, the firm earned $0.31 earnings per share. Equities research analysts forecast that Canadian Solar will post $1.56 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pictet Asset Management Ltd. raised its position in Canadian Solar by 2.9% in the first quarter. Pictet Asset Management Ltd. now owns 1,074,754 shares of the company’s stock valued at $24,472,000 after buying an additional 30,005 shares in the last quarter. Ruffer LLP raised its position in Canadian Solar by 60.8% in the second quarter. Ruffer LLP now owns 1,061,914 shares of the company’s stock valued at $16,061,000 after buying an additional 401,678 shares in the last quarter. Quentec Asset Management LLC raised its position in Canadian Solar by 38.5% in the second quarter. Quentec Asset Management LLC now owns 1,025,265 shares of the company’s stock valued at $15,502,000 after buying an additional 284,889 shares in the last quarter. BlackRock Group LTD raised its position in Canadian Solar by 0.9% in the second quarter. BlackRock Group LTD now owns 962,823 shares of the company’s stock valued at $14,558,000 after buying an additional 8,399 shares in the last quarter. Finally, Key Group Holdings Cayman LTD. raised its position in Canadian Solar by 214.5% in the second quarter. Key Group Holdings Cayman LTD. now owns 710,554 shares of the company’s stock valued at $10,744,000 after buying an additional 484,619 shares in the last quarter. Institutional investors own 34.51% of the company’s stock.
About Canadian Solar
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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