BidaskClub Downgrades Canadian Solar (NASDAQ:CSIQ) to Hold

Canadian Solar (NASDAQ:CSIQ) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a report released on Friday, BidAskClub reports.

CSIQ has been the topic of a number of other research reports. ValuEngine cut Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Thursday, April 9th. Oppenheimer reiterated a “buy” rating and set a $25.00 price objective on shares of Canadian Solar in a research report on Thursday, May 28th. JPMorgan Chase & Co. boosted their target price on Canadian Solar from $24.00 to $28.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Cfra raised Canadian Solar from a “hold” rating to a “buy” rating and upped their target price for the stock from $20.00 to $22.00 in a research note on Friday, May 29th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $26.83.

Shares of NASDAQ CSIQ opened at $22.14 on Friday. The business has a 50-day simple moving average of $20.87 and a two-hundred day simple moving average of $19.44. Canadian Solar has a 52 week low of $12.00 and a 52 week high of $25.85. The company has a market cap of $1.31 billion, a P/E ratio of 5.72, a P/E/G ratio of 0.30 and a beta of 1.57. The company has a quick ratio of 0.95, a current ratio of 1.17 and a debt-to-equity ratio of 0.45.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, May 28th. The solar energy provider reported $1.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.98. The firm had revenue of $825.60 million during the quarter, compared to the consensus estimate of $792.65 million. Canadian Solar had a net margin of 8.45% and a return on equity of 16.69%. The business’s quarterly revenue was up 70.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.29) EPS. Equities research analysts anticipate that Canadian Solar will post 2.3 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hussman Strategic Advisors Inc. boosted its holdings in Canadian Solar by 0.4% during the 2nd quarter. Hussman Strategic Advisors Inc. now owns 153,600 shares of the solar energy provider’s stock valued at $2,959,000 after acquiring an additional 600 shares during the period. Guinness Asset Management LTD lifted its position in Canadian Solar by 13.1% in the second quarter. Guinness Asset Management LTD now owns 34,500 shares of the solar energy provider’s stock valued at $665,000 after purchasing an additional 4,000 shares during the last quarter. Guinness Atkinson Asset Management Inc boosted its stake in shares of Canadian Solar by 9.9% during the second quarter. Guinness Atkinson Asset Management Inc now owns 15,600 shares of the solar energy provider’s stock valued at $301,000 after purchasing an additional 1,400 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Canadian Solar by 9.1% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 38,490 shares of the solar energy provider’s stock worth $742,000 after purchasing an additional 3,200 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Canadian Solar by 10.4% in the second quarter. First Trust Advisors LP now owns 112,587 shares of the solar energy provider’s stock worth $2,170,000 after buying an additional 10,628 shares during the period. 40.41% of the stock is owned by institutional investors.

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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