Recent Research Analysts’ Ratings Updates for Canadian Solar (CSIQ)

Canadian Solar (NASDAQ: CSIQ) has recently received a number of price target changes and ratings updates:

• 5/26/2023 – Canadian Solar was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 5/19/2023 – Canadian Solar had its price target raised by analysts at Oppenheimer Holdings Inc. from $60.00 to $68.00.
• 5/18/2023 – Canadian Solar is now covered by analysts at StockNews.com. They set a “hold” rating on the stock.
• 5/10/2023 – Canadian Solar was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 5/2/2023 – Canadian Solar was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 4/21/2023 – Canadian Solar was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/13/2023 – Canadian Solar was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 4/1/2023 – Canadian Solar was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.

Canadian Solar Stock Performance

NASDAQ:CSIQ traded up $0.76 during trading hours on Friday, reaching $43.56. The stock had a trading volume of 977,460 shares, compared to its average volume of 1,093,119. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.75 and a current ratio of 1.04. The stock has a 50 day simple moving average of $38.57 and a 200 day simple moving average of $37.85. Canadian Solar Inc. has a 12-month low of $26.86 and a 12-month high of $47.69. The stock has a market cap of $2.82 billion, a P/E ratio of 9.70 and a beta of 1.46.

Canadian Solar (NASDAQ:CSIQ – Get Rating) last announced its quarterly earnings results on Thursday, May 18th. The solar energy provider reported $1.19 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.71. The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a return on equity of 14.02% and a net margin of 3.97%. The firm’s quarterly revenue was up 36.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 earnings per share. On average, research analysts forecast that Canadian Solar Inc. will post 5.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Ariose Capital Management Ltd purchased a new position in Canadian Solar during the 1st quarter valued at about $19,243,000. Bank of America Corp DE increased its holdings in Canadian Solar by 2,094.9% during the 1st quarter. Bank of America Corp DE now owns 471,110 shares of the solar energy provider’s stock valued at $18,755,000 after purchasing an additional 449,646 shares during the period. Schroder Investment Management Group increased its holdings in Canadian Solar by 29.8% during the 4th quarter. Schroder Investment Management Group now owns 1,921,194 shares of the solar energy provider’s stock valued at $59,365,000 after purchasing an additional 441,403 shares during the period. Skandinaviska Enskilda Banken AB publ increased its holdings in Canadian Solar by 264.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 586,734 shares of the solar energy provider’s stock valued at $18,130,000 after purchasing an additional 425,816 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Canadian Solar by 275.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 528,597 shares of the solar energy provider’s stock valued at $21,043,000 after purchasing an additional 387,866 shares during the period. Institutional investors own 47.95% of the company’s stock.

Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules, provision of solar energy and battery storage solutions, and development of utility-scale solar and battery storage products. It operates through the CSI Solar and Global Energy segments. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.