Canadian Solar (NASDAQ:CSIQ) Upgraded to Strong-Buy at Freedom Capital

Canadian Solar (NASDAQ:CSIQ) was upgraded by investment analysts at Freedom Capital from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on CSIQ. Mizuho reduced their price objective on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday. Daiwa Securities Group raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Tuesday, December 2nd. Roth Mkm reduced their price target on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Finally, Oppenheimer dropped their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.66.

Canadian Solar Stock Performance

Shares of Canadian Solar stock opened at $14.31 on Tuesday. The company’s 50 day moving average price is $19.00 and its two-hundred day moving average price is $19.74. The firm has a market capitalization of $958.34 million, a P/E ratio of -5.72 and a beta of 1.31. Canadian Solar has a fifty-two week low of $6.57 and a fifty-two week high of $34.59. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.56). Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%.The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the company posted $0.48 earnings per share. The firm’s quarterly revenue was down 20.0% on a year-over-year basis. On average, equities analysts forecast that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CSIQ. Raymond James Financial Inc. bought a new stake in shares of Canadian Solar in the 2nd quarter valued at about $33,000. Caitong International Asset Management Co. Ltd raised its position in shares of Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new position in shares of Canadian Solar during the fourth quarter worth about $48,000. Quarry LP acquired a new position in shares of Canadian Solar in the fourth quarter worth approximately $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Canadian Solar by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after acquiring an additional 312 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.