Canadian Solar (NASDAQ:CSIQ) Upgraded by Mizuho to Neutral Rating

Mizuho upgraded shares of Canadian Solar (NASDAQ:CSIQ) from an underperform rating to a neutral rating in a research note issued to investors on Tuesday morning, Marketbeat.com reports. They currently have $19.00 target price on the solar energy provider’s stock, down from their previous target price of $21.00.

Several other research firms also recently weighed in on CSIQ. Daiwa Securities Group upgraded 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 lifted their price objective on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. UBS Group boosted their target price on Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $19.63.

Canadian Solar Price Performance

Shares of CSIQ opened at $18.39 on Tuesday. Canadian Solar has a fifty-two week low of $6.57 and a fifty-two week high of $34.59. The firm’s 50-day simple moving average is $19.74 and its two-hundred day simple moving average is $19.62. The stock has a market cap of $1.23 billion, a PE ratio of -51.08 and a beta of 1.31. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07.

Institutional Trading of Canadian Solar

Hedge funds and other institutional investors have recently bought and sold shares of the business. Polunin Capital Partners Ltd purchased a new stake in shares of Canadian Solar during the fourth quarter valued at $43,692,000. Two Sigma Investments LP bought a new stake in Canadian Solar during the 3rd quarter valued at about $11,544,000. Mackenzie Financial Corp boosted its holdings in shares of Canadian Solar by 7.4% in the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after purchasing an additional 405,800 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Canadian Solar by 206.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after buying an additional 385,355 shares during the period. Finally, Tudor Investment Corp ET AL bought a new position in Canadian Solar during the 3rd quarter worth about $5,008,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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.