Zacks Investment Research upgraded shares of Canadian Solar Inc. (NASDAQ:CSIQ) from a sell rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “Canadian Solar caters to a geographically diverse customer base spread across both key markets and emerging markets. It is gradually gaining share in Asia, which could soon become a major solar market. To enjoy a distinct advantage over its peers, the company has come up with a new diamond module, which has the capacity to withstand extreme weather conditions. Also, Canadian Solar outperformed the broader industry in past one year. Yet, Canadian Solar is expected to continue experiencing market dislocation in the near term, which will directly impact Canadian Solar’s 2017 financial performance. We note that, as the company has operations and projects in various geographies, it faces various geopolitical risks. Also, stiff competitions from cheaper alternatives and exposure to foreign exchange risks are added concerns.”
A number of other equities research analysts also recently weighed in on CSIQ. Axiom Securities initiated coverage on Canadian Solar in a report on Monday, April 17th. They issued a buy rating and a $18.00 target price on the stock. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and issued a $31.00 target price on shares of Canadian Solar in a report on Thursday, April 20th. ValuEngine downgraded Canadian Solar from a buy rating to a hold rating in a report on Friday, June 2nd. Cowen and Company raised their target price on Canadian Solar from $10.00 to $13.00 and gave the company a market perform rating in a report on Wednesday, June 7th. Finally, BidaskClub downgraded Canadian Solar from a buy rating to a hold rating in a report on Tuesday, July 25th. Eight analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Canadian Solar currently has an average rating of Buy and an average target price of $16.91.
Shares of Canadian Solar (NASDAQ CSIQ) traded up 3.93% during trading on Tuesday, reaching $17.20. The company’s stock had a trading volume of 1,399,060 shares. The firm’s 50-day moving average is $16.43 and its 200 day moving average is $13.93. Canadian Solar has a 52-week low of $10.25 and a 52-week high of $18.12. The company has a market cap of $994.71 million, a PE ratio of 34.19 and a beta of 3.09.
Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Tuesday, June 6th. The solar energy provider reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by $0.14. The business had revenue of $677 million during the quarter, compared to analyst estimates of $580.45 million. Canadian Solar had a net margin of 1.04% and a return on equity of 7.12%. The company’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 EPS. On average, equities research analysts predict that Canadian Solar will post $1.54 EPS for the current fiscal year.
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Large investors have recently added to or reduced their stakes in the stock. California Public Employees Retirement System increased its stake in Canadian Solar by 2.1% in the first quarter. California Public Employees Retirement System now owns 143,600 shares of the solar energy provider’s stock valued at $1,762,000 after buying an additional 2,900 shares during the period. SG Americas Securities LLC increased its stake in Canadian Solar by 194.4% in the first quarter. SG Americas Securities LLC now owns 171,985 shares of the solar energy provider’s stock valued at $2,110,000 after buying an additional 113,569 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Canadian Solar by 233.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 43,599 shares of the solar energy provider’s stock valued at $535,000 after buying an additional 30,523 shares during the period. Trellus Management Company LLC increased its stake in Canadian Solar by 88.0% in the second quarter. Trellus Management Company LLC now owns 37,600 shares of the solar energy provider’s stock valued at $599,000 after buying an additional 17,600 shares during the period. Finally, Bank of America Corp DE increased its stake in Canadian Solar by 10.2% in the first quarter. Bank of America Corp DE now owns 492,227 shares of the solar energy provider’s stock valued at $6,040,000 after buying an additional 45,650 shares during the period. 35.42% of the stock is currently owned by institutional investors.
About Canadian Solar
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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