Canadian Solar (NASDAQ:CSIQ) Raised to Hold at StockNews.com

Canadian Solar (NASDAQ:CSIQ) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Friday.

Several other analysts have also commented on CSIQ. Citigroup upgraded shares of Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 price objective for the company in a report on Thursday, April 17th. The Goldman Sachs Group lifted their target price on shares of Canadian Solar from $8.00 to $9.00 and gave the company a “sell” rating in a report on Friday. Wells Fargo & Company lifted their target price on shares of Canadian Solar from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Roth Capital lowered shares of Canadian Solar from a “buy” rating to a “neutral” rating and set a $9.00 target price for the company. in a report on Friday, April 25th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $16.86.

Canadian Solar Stock Performance

Shares of CSIQ opened at $10.85 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. Canadian Solar has a one year low of $6.57 and a one year high of $21.05. The company has a 50-day simple moving average of $8.96 and a two-hundred day simple moving average of $10.63. The firm has a market capitalization of $717.83 million, a PE ratio of -90.42, a price-to-earnings-growth ratio of 0.74 and a beta of 1.35.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, May 15th. The solar energy provider reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.50) by $0.43. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.11 billion. On average, analysts anticipate that Canadian Solar will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in Canadian Solar by 59.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider’s stock worth $2,010,000 after acquiring an additional 67,331 shares during the last quarter. Shah Capital Management raised its holdings in Canadian Solar by 825.6% in the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after acquiring an additional 1,556,964 shares during the last quarter. Barclays PLC raised its holdings in Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after acquiring an additional 95,924 shares during the last quarter. Waterfront Wealth Inc. raised its holdings in Canadian Solar by 16.9% in the 4th quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after acquiring an additional 26,778 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after acquiring an additional 3,347 shares during the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.