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

Freedom Capital lowered shares of Canadian Solar (NASDAQ:CSIQ) from a strong-buy rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

A number of other research analysts have also recently commented on the company. Oppenheimer dropped 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. Wall Street Zen cut Canadian Solar from a “hold” rating to a “strong sell” rating in a research report on Monday, April 20th. Wells Fargo & Company dropped their price target on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Mizuho dropped their price target on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Finally, Roth Mkm dropped their price objective on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Canadian Solar currently has an average rating of “Reduce” and a consensus target price of $18.36.

Canadian Solar Stock Down 7.7%

Shares of NASDAQ CSIQ opened at $15.85 on Tuesday. Canadian Solar has a one year low of $9.41 and a one year high of $34.59. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The business’s fifty day moving average price is $15.21 and its 200-day moving average price is $20.08. The stock has a market capitalization 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, 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 for the quarter, compared to analysts’ expectations of $950.43 million. During the same quarter in the prior year, the firm earned ($1.07) EPS. The business’s revenue for the quarter was down 9.9% compared to the same quarter last year. On average, equities research analysts anticipate that Canadian Solar will post -1.16 EPS for the current year.

Institutional Trading of Canadian Solar

A number of institutional investors have recently added to or reduced their stakes in CSIQ. Goldman Sachs Group Inc. lifted its holdings in Canadian Solar by 20.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after purchasing an additional 92,002 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Canadian Solar by 141.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock worth $100,000 after purchasing an additional 5,338 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Canadian Solar by 20.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock worth $9,539,000 after purchasing an additional 145,867 shares in the last quarter. Raymond James Financial Inc. bought a new position in Canadian Solar in the 2nd quarter worth about $33,000. Finally, Balyasny Asset Management L.P. bought a new position in Canadian Solar in the 2nd quarter worth about $790,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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.