Zacks Investment Research upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a hold rating to a buy rating in a report released on Thursday morning. They currently have $15.00 target price on the solar energy provider’s stock.
According to Zacks, “Canadian Solar ended second quarter on a disappointing note, with both its top and bottom lines having missed the Zacks Consensus Estimate. Year-over-year also results remained unimpressive. The company caters to a geographically diverse customer base spread across both key markets and emerging markets. It has a strong pipeline of projects and carries out various acquisitions and strategies to further consolidate its position. However, the recent policy change in China is anticipated to be detrimental for international solar stocks like Canadian Solar, which have increased commitments to ship modules or are set to construct new projects in China. Further, its shares underperformed its industry in the last one year.”
A number of other analysts have also commented on the company. ValuEngine lowered Canadian Solar from a buy rating to a hold rating in a report on Saturday, June 2nd. BidaskClub raised Canadian Solar from a sell rating to a hold rating in a report on Tuesday, July 10th. JPMorgan Chase & Co. raised Canadian Solar from an underweight rating to a neutral rating and reduced their target price for the company from $17.00 to $15.00 in a report on Thursday, June 7th. Finally, B. Riley set a $18.00 target price on Canadian Solar and gave the company a hold rating in a report on Thursday, May 17th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $17.40.
Shares of CSIQ opened at $13.11 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.94 and a quick ratio of 0.83. The company has a market cap of $828.28 million, a price-to-earnings ratio of 12.61, a P/E/G ratio of 0.29 and a beta of 2.47. Canadian Solar has a 52 week low of $11.37 and a 52 week high of $19.09.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Tuesday, August 14th. The solar energy provider reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The company had revenue of $650.10 million for the quarter, compared to the consensus estimate of $711.53 million. Canadian Solar had a return on equity of 10.51% and a net margin of 3.78%. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.63 earnings per share. analysts expect that Canadian Solar will post 1.89 EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in CSIQ. Two Sigma Advisers LP grew its holdings in shares of Canadian Solar by 51.6% in the fourth quarter. Two Sigma Advisers LP now owns 22,902 shares of the solar energy provider’s stock valued at $386,000 after acquiring an additional 7,800 shares in the last quarter. Commerzbank Aktiengesellschaft FI purchased a new position in Canadian Solar in the first quarter valued at approximately $646,000. SG Americas Securities LLC lifted its stake in Canadian Solar by 41.0% in the first quarter. SG Americas Securities LLC now owns 69,136 shares of the solar energy provider’s stock valued at $1,125,000 after purchasing an additional 20,112 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Canadian Solar in the first quarter valued at approximately $318,000. Finally, Trexquant Investment LP lifted its stake in Canadian Solar by 233.6% in the first quarter. Trexquant Investment LP now owns 130,519 shares of the solar energy provider’s stock valued at $2,124,000 after purchasing an additional 91,391 shares during the last quarter. 36.75% of the stock is owned by institutional investors.
About Canadian Solar
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.
See Also: Fundamental Analysis
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.