Canadian Solar (NASDAQ:CSIQ) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a sell rating to a hold rating in a research note issued to investors on Monday.

CSIQ has been the subject of several other reports. Roth Mkm dropped their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Wells Fargo & Company dropped their target price on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 5th. The Goldman Sachs Group reduced their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Jefferies Financial Group began coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. Finally, Oppenheimer reduced their target price on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, August 23rd. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Canadian Solar has an average rating of “Hold” and an average price target of $18.94.

Canadian Solar Trading Up 4.3 %

NASDAQ CSIQ opened at $12.53 on Monday. The company has a 50-day moving average of $13.24 and a 200-day moving average of $14.65. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. Canadian Solar has a 12 month low of $10.91 and a 12 month high of $26.85. The company has a market cap of $828.98 million, a P/E ratio of -104.42, a P/E/G ratio of 1.17 and a beta of 1.30.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter last year, the firm posted $0.32 earnings per share. Canadian Solar’s revenue was down 18.4% on a year-over-year basis. As a group, equities analysts predict that Canadian Solar will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp lifted its stake in shares of Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after acquiring an additional 1,037,800 shares in the last quarter. Foundry Partners LLC acquired a new position in shares of Canadian Solar in the 2nd quarter valued at approximately $3,667,000. Private Advisor Group LLC purchased a new position in shares of Canadian Solar during the 3rd quarter valued at approximately $219,000. Cerity Partners LLC grew its position in shares of Canadian Solar by 131.5% during the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after buying an additional 243,542 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Canadian Solar in the third quarter worth $1,109,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.