Wall Street Zen Upgrades Canadian Solar (NASDAQ:CSIQ) to Hold

Canadian Solar (NASDAQ:CSIQ) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Sunday.

A number of other brokerages also recently commented on CSIQ. Freedom Capital upgraded Canadian Solar from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 24th. Mizuho lowered their price objective on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Wells Fargo & Company lowered their price objective on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Roth Mkm lowered their price objective on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Finally, Oppenheimer lowered their price objective on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, March 20th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $18.36.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $12.72 on Friday. Canadian Solar has a twelve month low of $6.85 and a twelve month high of $34.59. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $851.86 million, a price-to-earnings ratio of -5.09 and a beta of 1.37. The business has a 50 day simple moving average of $16.91 and a 200-day simple moving average of $19.90.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share for the quarter. The firm had revenue of $1.22 billion during the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. As a group, equities research analysts expect that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in Canadian Solar during the 2nd quarter worth $33,000. Caitong International Asset Management Co. Ltd boosted its position in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the period. China Universal Asset Management Co. Ltd. acquired a new position in Canadian Solar during the 4th quarter worth $48,000. Quarry LP acquired a new position in Canadian Solar during the 4th quarter worth $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after acquiring an additional 312 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.