Zacks Investment Research upgraded shares of Canadian Solar Inc. (NASDAQ:CSIQ) from a sell rating to a hold rating in a research note released on Tuesday, August 8th.
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. To enjoy a distinct advantage over its peers, the company has come up with a new diamond module, which has the capacity to withstand extreme weather conditions. Also, Canadian Solar outperformed the broader industry in past one year. Yet, Canadian Solar is expected to continue experiencing market dislocation in the near term, which will directly impact Canadian Solar’s 2017 financial performance. We note that, as the company has operations and projects in various geographies, it faces various geopolitical risks. Also, stiff competitions from cheaper alternatives and exposure to foreign exchange risks are added concerns.”
A number of other equities analysts also recently commented on the stock. Cowen and Company set a $13.00 price objective on shares of Canadian Solar and gave the stock a hold rating in a report on Monday, July 10th. Oppenheimer Holdings, Inc. reissued an outperform rating and set a $31.00 price target on shares of Canadian Solar in a report on Thursday, April 20th. Axiom Securities began coverage on shares of Canadian Solar in a research note on Monday, April 17th. They issued a buy rating and a $18.00 target price for the company. ValuEngine downgraded shares of Canadian Solar from a buy rating to a hold rating in a research note on Friday, June 2nd. Finally, BidaskClub downgraded shares of Canadian Solar from a buy rating to a hold rating in a research note on Tuesday, July 25th. Nine equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $17.46.
Shares of Canadian Solar (NASDAQ:CSIQ) traded up 1.40% during mid-day trading on Tuesday, reaching $16.63. 1,007,123 shares of the company were exchanged. The company has a market capitalization of $963.66 million, a price-to-earnings ratio of 39.41 and a beta of 3.09. Canadian Solar has a 12 month low of $10.25 and a 12 month high of $18.12. The firm’s 50-day moving average is $16.57 and its 200-day moving average is $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 company had revenue of $692.37 million during the quarter, compared to the consensus estimate of $631.05 million. Canadian Solar had a net margin of 1.01% and a return on equity of 1.71%. The firm’s revenue for the quarter was down 14.1% compared to the same quarter last year. During the same period last year, the firm earned $0.68 EPS. On average, equities analysts forecast that Canadian Solar will post $1.56 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pacad Investment Ltd. bought a new position in Canadian Solar during the second quarter valued at $115,000. Legal & General Group Plc boosted its position in Canadian Solar by 111.1% in the second quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock valued at $124,000 after buying an additional 4,100 shares during the period. Wedbush Securities Inc. bought a new position in Canadian Solar during the first quarter valued at $189,000. Raymond James Financial Services Advisors Inc. boosted its position in 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 during the period. Finally, Trellus Management Company LLC bought a new position in Canadian Solar during the first quarter valued at $245,000. 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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