Cowen and Company reissued their market perform rating on shares of Canadian Solar Inc. (NASDAQ:CSIQ) in a research note issued to investors on Tuesday morning. Cowen and Company currently has a $17.00 price objective on the solar energy provider’s stock, up from their previous price objective of $16.00.
CSIQ has been the subject of a number of other reports. Axiom Securities restated a buy rating on shares of Canadian Solar in a report on Saturday, July 22nd. Vetr upgraded Canadian Solar from a buy rating to a strong-buy rating and set a $19.06 price objective for the company in a report on Thursday, August 10th. Oppenheimer Holdings, Inc. restated an outperform rating and set a $31.00 price objective on shares of Canadian Solar in a report on Thursday, April 20th. Zacks Investment Research upgraded Canadian Solar from a sell rating to a hold rating in a report on Tuesday, August 8th. Finally, BidaskClub upgraded Canadian Solar from a hold rating to a buy rating in a report on Wednesday, August 9th. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Hold and a consensus price target of $17.46.
Canadian Solar (NASDAQ:CSIQ) opened at 16.63 on Tuesday. The stock has a market cap of $963.66 million, a P/E ratio of 39.41 and a beta of 3.09. Canadian Solar has a 52-week low of $10.25 and a 52-week high of $18.12. The stock has a 50 day moving average price of $16.57 and a 200 day moving average price of $14.08.
Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Monday, August 14th. The solar energy provider reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.01. The business had revenue of $692.37 million during the quarter, compared to the consensus estimate of $631.05 million. Canadian Solar had a return on equity of 1.71% and a net margin of 1.01%. The business’s revenue for the quarter was down 14.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.68 EPS. On average, equities research analysts forecast that Canadian Solar will post $1.56 EPS for the current year.
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A number of hedge funds have recently made changes to their positions in the stock. Trellus Management Company LLC acquired a new stake in shares of Canadian Solar during the first quarter valued at $245,000. BNP Paribas Arbitrage SA increased its stake in shares of Canadian Solar by 4.5% in the first quarter. BNP Paribas Arbitrage SA now owns 39,792 shares of the solar energy provider’s stock valued at $488,000 after buying an additional 1,700 shares in the last quarter. Wedbush Securities Inc. acquired a new stake in shares of Canadian Solar during the first quarter valued at $189,000. Raymond James Financial Services Advisors Inc. increased its stake in shares of Canadian Solar by 20.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 18,614 shares of the solar energy provider’s stock valued at $228,000 after buying an additional 3,100 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Canadian Solar by 194.4% in the first quarter. SG Americas Securities LLC now owns 171,985 shares of the solar energy provider’s stock valued at $2,110,000 after buying an additional 113,569 shares in the last quarter. Hedge funds and other institutional investors own 34.97% 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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