Freedom Capital Upgrades Canadian Solar (NASDAQ:CSIQ) to Strong-Buy

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

Several other equities analysts have also weighed in on the stock. Roth Mkm cut their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday. Mizuho lowered their target price on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a report on Monday. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Daiwa Securities Group raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Tuesday, December 2nd. Finally, Oppenheimer reduced 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. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Canadian Solar currently has a consensus rating of “Hold” and an average price target of $17.66.

Canadian Solar Price Performance

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

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC increased its position in shares of Canadian Solar by 646.2% during the third quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock worth $3,081,000 after acquiring an additional 204,623 shares in the last quarter. Inceptionr LLC bought a new stake in Canadian Solar in the 2nd quarter valued at $152,000. Mackenzie Financial Corp lifted its position in Canadian Solar by 7.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after acquiring an additional 405,800 shares in the last quarter. Legal & General Group Plc boosted its stake in Canadian Solar by 21.7% in the 2nd quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock worth $20,039,000 after purchasing an additional 324,254 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Canadian Solar in the 3rd quarter worth $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.