BidaskClub downgraded shares of Canadian Solar (NASDAQ:CSIQ) from a strong-buy rating to a buy rating in a research note released on Tuesday morning, BidAskClub reports.
CSIQ has been the subject of a number of other reports. UBS Group upgraded Canadian Solar from a sell rating to a neutral rating and set a $23.00 price target for the company in a research note on Monday, February 11th. ValuEngine cut Canadian Solar from a hold rating to a sell rating in a research report on Saturday, May 18th. JPMorgan Chase & Co. began coverage on Canadian Solar in a research report on Thursday, April 11th. They set a neutral rating and a $22.00 price objective for the company. Standpoint Research cut Canadian Solar from a buy rating to a hold rating in a research report on Friday, March 1st. Finally, Zacks Investment Research cut Canadian Solar from a buy rating to a hold rating in a research report on Thursday, April 11th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Canadian Solar presently has a consensus rating of Hold and an average target price of $21.50.
CSIQ opened at $21.61 on Tuesday. Canadian Solar has a 12-month low of $11.37 and a 12-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 has a market cap of $1.29 billion, a PE ratio of 8.56, a PEG ratio of 0.28 and a beta of 2.32.
Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, May 30th. The solar energy provider reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.15. Canadian Solar had a return on equity of 12.92% and a net margin of 6.29%. The company had revenue of $484.70 million during the quarter, compared to analysts’ expectations of $468.25 million. During the same period last year, the business posted $0.72 earnings per share. The firm’s revenue was down 46.2% compared to the same quarter last year. On average, equities analysts expect that Canadian Solar will post 2.43 EPS for the current year.
Several institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in shares of Canadian Solar by 5.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 947,458 shares of the solar energy provider’s stock worth $17,651,000 after buying an additional 52,947 shares during the period. USA Financial Portformulas Corp purchased a new position in Canadian Solar in the first quarter valued at about $149,000. Renaissance Technologies LLC purchased a new position in Canadian Solar in the first quarter valued at about $907,000. Trexquant Investment LP raised its position in Canadian Solar by 45.0% in the first quarter. Trexquant Investment LP now owns 25,677 shares of the solar energy provider’s stock valued at $478,000 after purchasing an additional 7,970 shares during the period. Finally, ClariVest Asset Management LLC raised its position in 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. 40.70% of the stock is owned by institutional investors and hedge funds.
About Canadian Solar
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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