Canadian Solar (NASDAQ:CSIQ) Upgraded by ValuEngine to “Sell”

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ValuEngine upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a strong sell rating to a sell rating in a report published on Wednesday, ValuEngine reports.

CSIQ has been the topic of several other research reports. JPMorgan Chase & Co. set a $25.00 price target on Canadian Solar and gave the stock a hold rating in a research report on Friday, June 21st. Zacks Investment Research raised Canadian Solar from a hold rating to a buy rating and set a $24.00 price target on the stock in a research report on Thursday, June 20th. Cascend Securities reissued a buy rating and issued a $30.00 target price (up previously from $25.00) on shares of Canadian Solar in a report on Friday, August 16th. Roth Capital boosted their target price on Canadian Solar from $27.00 to $32.00 and gave the company a buy rating in a report on Friday, August 16th. Finally, BidaskClub raised Canadian Solar from a hold rating to a buy rating in a report on Saturday, August 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $25.50.

CSIQ traded up $0.26 during trading on Wednesday, hitting $23.53. 8,313 shares of the stock were exchanged, compared to its average volume of 848,881. The firm has a market capitalization of $1.38 billion, a P/E ratio of 7.14, a PEG ratio of 0.24 and a beta of 2.02. Canadian Solar has a 1-year low of $12.69 and a 1-year high of $25.89. The stock has a fifty day moving average price of $22.08 and a two-hundred day moving average price of $21.03. The company has a quick ratio of 0.87, a current ratio of 0.99 and a debt-to-equity ratio of 0.37.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, August 15th. The solar energy provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.23 by $0.54. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $990.29 million. Canadian Solar had a return on equity of 14.80% and a net margin of 7.01%. The firm’s revenue was up 59.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. Analysts predict that Canadian Solar will post 2.98 EPS for the current year.

Several large investors have recently added to or reduced their stakes in CSIQ. Schroder Investment Management Group increased its holdings in shares of Canadian Solar by 48.3% in the second quarter. Schroder Investment Management Group now owns 4,096,857 shares of the solar energy provider’s stock valued at $89,435,000 after purchasing an additional 1,334,899 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Canadian Solar by 27.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,453,151 shares of the solar energy provider’s stock valued at $27,072,000 after purchasing an additional 310,619 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Canadian Solar by 106.6% in the second quarter. JPMorgan Chase & Co. now owns 528,380 shares of the solar energy provider’s stock valued at $11,624,000 after purchasing an additional 272,574 shares during the period. Robeco Institutional Asset Management B.V. acquired a new position in shares of Canadian Solar in the first quarter valued at approximately $4,862,000. Finally, ClariVest Asset Management LLC increased its holdings in shares of Canadian Solar by 125.2% in the first quarter. ClariVest Asset Management LLC now owns 281,210 shares of the solar energy provider’s stock valued at $5,239,000 after purchasing an additional 156,328 shares during the period. 43.17% of the stock is currently owned by institutional investors and hedge funds.

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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