Canadian Solar (NASDAQ:CSIQ) Cut to Hold at BidaskClub

Canadian Solar (NASDAQ:CSIQ) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a report released on Friday, BidAskClub reports.

CSIQ has been the subject of several other research reports. JPMorgan Chase & Co. upped their price target on shares of Canadian Solar from $24.00 to $28.00 and gave the company a “neutral” rating in a research report on Wednesday. ValuEngine downgraded shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Thursday, April 9th. Oppenheimer reissued a “buy” rating and set a $25.00 price objective on shares of Canadian Solar in a research report on Thursday, May 28th. Finally, Cfra raised Canadian Solar from a “hold” rating to a “buy” rating and raised their target price for the stock from $20.00 to $22.00 in a report on Friday, May 29th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $26.83.

NASDAQ:CSIQ opened at $22.14 on Friday. The company has a 50 day simple moving average of $20.87 and a two-hundred day simple moving average of $19.44. The company has a market cap of $1.31 billion, a PE ratio of 5.72, a price-to-earnings-growth ratio of 0.30 and a beta of 1.57. The company has a current ratio of 1.17, a quick ratio of 0.95 and a debt-to-equity ratio of 0.45. Canadian Solar has a 12 month low of $12.00 and a 12 month high of $25.85.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, May 28th. The solar energy provider reported $1.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.98. Canadian Solar had a return on equity of 16.69% and a net margin of 8.45%. The company had revenue of $825.60 million during the quarter, compared to analyst estimates of $792.65 million. During the same quarter in the previous year, the company posted ($0.29) earnings per share. Canadian Solar’s revenue was up 70.3% compared to the same quarter last year. Research analysts forecast that Canadian Solar will post 2.3 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in CSIQ. Invesco Ltd. lifted its position in shares of Canadian Solar by 35.8% in the first quarter. Invesco Ltd. now owns 1,715,773 shares of the solar energy provider’s stock valued at $27,298,000 after acquiring an additional 452,745 shares in the last quarter. Norges Bank purchased a new position in Canadian Solar in the 4th quarter worth approximately $17,646,000. BlackRock Inc. boosted its stake in Canadian Solar by 56.3% in the 1st quarter. BlackRock Inc. now owns 2,401,848 shares of the solar energy provider’s stock worth $38,213,000 after purchasing an additional 865,128 shares during the period. BNP Paribas Arbitrage SA grew its holdings in Canadian Solar by 157.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 75,159 shares of the solar energy provider’s stock valued at $1,196,000 after buying an additional 45,915 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Canadian Solar by 46.5% during the first quarter. Tower Research Capital LLC TRC now owns 10,000 shares of the solar energy provider’s stock valued at $159,000 after buying an additional 3,172 shares during the last quarter. 40.41% of the stock is owned by hedge funds and other institutional investors.

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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