BidaskClub Lowers Canadian Solar (CSIQ) to Hold

BidaskClub downgraded shares of Canadian Solar (NASDAQ:CSIQ) from a buy rating to a hold rating in a research report released on Thursday morning.

A number of other equities research analysts have also recently issued reports on CSIQ. Zacks Investment Research upgraded Canadian Solar from a sell rating to a hold rating in a report on Tuesday, August 7th. B. Riley set a $18.00 price target on Canadian Solar and gave the company a hold rating in a research note on Wednesday, August 15th. ValuEngine upgraded Canadian Solar from a strong sell rating to a sell rating in a research note on Friday, September 7th. Finally, JPMorgan Chase & Co. cut Canadian Solar from a neutral rating to an underweight rating and set a $15.00 price target for the company. in a research note on Monday, October 22nd. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Canadian Solar presently has a consensus rating of Hold and a consensus target price of $16.50.

Shares of NASDAQ:CSIQ opened at $16.00 on Thursday. Canadian Solar has a 12-month low of $11.37 and a 12-month high of $18.52. The company has a market cap of $928.05 million, a PE ratio of 15.38, a PEG ratio of 0.36 and a beta of 1.83. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.93 and a quick ratio of 0.84.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, November 15th. The solar energy provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.50. Canadian Solar had a return on equity of 16.25% and a net margin of 4.73%. The company had revenue of $767.97 million during the quarter, compared to analysts’ expectations of $806.13 million. As a group, sell-side analysts predict that Canadian Solar will post 1.73 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp bought a new stake in shares of Canadian Solar in the third quarter valued at approximately $220,000. Luminus Management LLC boosted its stake in shares of Canadian Solar by 396.7% in the third quarter. Luminus Management LLC now owns 2,670,507 shares of the solar energy provider’s stock valued at $38,722,000 after buying an additional 2,132,807 shares during the period. Man Group plc bought a new stake in shares of Canadian Solar in the third quarter valued at approximately $1,011,000. Tower Research Capital LLC TRC bought a new stake in shares of Canadian Solar in the third quarter valued at approximately $105,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Canadian Solar in the third quarter valued at approximately $918,000. Institutional investors and hedge funds own 35.91% of the company’s stock.

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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