Canadian Solar (NASDAQ:CSIQ) Lifted to “Buy” at BidaskClub

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BidaskClub upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a hold rating to a buy rating in a research report released on Saturday morning, BidAskClub reports.

Several other equities analysts have also weighed in on CSIQ. Zacks Investment Research upgraded shares of Canadian Solar from a hold rating to a buy rating and set a $24.00 price objective for the company in a research report on Thursday, June 20th. ValuEngine lowered shares of Canadian Solar from a hold rating to a sell rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. set a $25.00 target price on shares of Canadian Solar and gave the stock a hold rating in a report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Canadian Solar presently has a consensus rating of Hold and a consensus price target of $22.50.

NASDAQ:CSIQ opened at $20.52 on Friday. Canadian Solar has a twelve month low of $12.30 and a twelve month high of $25.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 1.01. The firm’s 50-day simple moving average is $21.40. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 8.58, a price-to-earnings-growth ratio of 0.28 and a beta of 2.22.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, May 30th. The solar energy provider reported ($0.29) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.44) by $0.15. Canadian Solar had a net margin of 6.29% and a return on equity of 12.92%. The company had revenue of $484.70 million during the quarter, compared to analyst estimates of $468.25 million. During the same quarter last year, the firm posted $0.72 EPS. The business’s revenue for the quarter was down 46.2% on a year-over-year basis. As a group, equities analysts forecast that Canadian Solar will post 2.45 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in CSIQ. Financial Gravity Wealth Inc. acquired a new position in shares of Canadian Solar in the first quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Canadian Solar in the second quarter worth about $68,000. Advisor Group Inc. boosted its holdings in shares of Canadian Solar by 14.7% in the second quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock worth $107,000 after buying an additional 629 shares during the period. Macquarie Group Ltd. acquired a new position in shares of Canadian Solar in the fourth quarter worth about $118,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Canadian Solar by 260.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 7,463 shares of the solar energy provider’s stock worth $139,000 after buying an additional 5,391 shares during the period. Institutional investors own 40.93% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

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Analyst Recommendations for Canadian Solar (NASDAQ:CSIQ)

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