Canadian Solar (NASDAQ:CSIQ) Downgraded to Hold Rating by Freedom Capital

Canadian Solar (NASDAQ:CSIQ) was downgraded by stock analysts at Freedom Capital from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Other research analysts have also issued reports about the company. Roth Mkm cut their price target on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 23rd. Mizuho cut their price target on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 23rd. Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. Wells Fargo & Company cut their target price on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Finally, Wall Street Zen lowered Canadian Solar from a “hold” rating to a “strong sell” rating in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, Canadian Solar presently has a consensus rating of “Reduce” and a consensus price target of $18.36.

Canadian Solar Trading Down 7.7%

NASDAQ:CSIQ opened at $15.85 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. Canadian Solar has a fifty-two week low of $9.41 and a fifty-two week high of $34.59. The stock’s 50-day moving average is $15.21 and its two-hundred day moving average is $20.08. The stock has a market cap of $1.07 billion, a PE ratio of -6.29 and a beta of 1.44.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.35. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The firm’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.07) EPS. As a group, equities research analysts forecast that Canadian Solar will post -1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Canadian Solar by 7.0% during the 3rd 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. China Universal Asset Management Co. Ltd. bought a new position in shares of Canadian Solar during the 4th quarter worth approximately $48,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Canadian Solar by 43.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider’s stock worth $164,000 after acquiring an additional 2,084 shares during the period. LPL Financial LLC boosted its stake in Canadian Solar by 16.7% in the 4th quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock valued at $369,000 after purchasing an additional 2,219 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Canadian Solar by 38.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after purchasing an additional 2,254 shares during the period. 52.36% of the stock is currently owned by institutional investors.

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.