Canadian Solar Inc. (NASDAQ:CSIQ) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Monday.
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. The company has a strong pipeline of projects and is known for its strategic moves that consolidate its position. It also enjoys certain advantages over its peers due to its vertically integrated structure. However, Canadian Solar is slowly losing its ground in America despite promising prospects. The company’s falling revenues in the region is a growing concern. Stiff competition from cheaper alternatives, exposure to foreign exchange risks are other major concerns for the company.”
Several other equities research analysts also recently issued reports on CSIQ. Roth Capital set a $20.00 price objective on Canadian Solar and gave the stock a “buy” rating in a research note on Sunday, August 21st. FBR & Co reduced their price objective on Canadian Solar from $32.00 to $23.00 and set an “outperform” rating for the company in a research note on Friday, August 19th. Cowen and Company downgraded Canadian Solar from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $20.00 to $13.00 in a research note on Friday, August 19th. Canaccord Genuity set a $20.00 target price on Canadian Solar and gave the stock a “buy” rating in a research report on Friday, August 19th. Finally, Standpoint Research reaffirmed a “buy” rating and issued a $18.00 target price on shares of Canadian Solar in a research report on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $23.07.
Shares of Canadian Solar (NASDAQ:CSIQ) opened at 13.17 on Monday. The firm has a 50-day moving average price of $13.00 and a 200-day moving average price of $15.96. The firm has a market cap of $758.66 million, a P/E ratio of 4.99 and a beta of 2.93. Canadian Solar has a 12-month low of $11.72 and a 12-month high of $29.83.
Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 18th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.31. The firm earned $805.90 million during the quarter, compared to the consensus estimate of $735.82 million. Canadian Solar had a return on equity of 19.71% and a net margin of 4.45%. The business’s revenue for the quarter was up 26.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 EPS. On average, equities research analysts expect that Canadian Solar will post $1.56 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the stock. Riverhead Capital Management LLC increased its stake in shares of Canadian Solar by 16.2% in the second quarter. Riverhead Capital Management LLC now owns 3,476 shares of the company’s stock valued at $239,000 after buying an additional 484 shares during the last quarter. Stevens Capital Management LP acquired a new stake in shares of Canadian Solar during the second quarter valued at $164,000. Landscape Capital Management L.L.C. purchased a new stake in shares of Canadian Solar during the second quarter worth approximately $166,000. BlackRock Inc. increased its stake in shares of Canadian Solar by 55.2% in the second quarter. BlackRock Inc. now owns 11,970 shares of the company’s stock worth $182,000 after buying an additional 4,256 shares in the last quarter. Finally, Guinness Asset Management Ltd increased its stake in shares of Canadian Solar by 53.2% in the second quarter. Guinness Asset Management Ltd now owns 12,100 shares of the company’s stock worth $183,000 after buying an additional 4,200 shares in the last quarter. Hedge funds and other institutional investors own 34.50% of the company’s stock.
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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