Canadian Solar (NASDAQ:CSIQ) Upgraded by Citigroup to “Neutral” Rating

Citigroup upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a sell rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. Citigroup currently has $18.00 target price on the solar energy provider’s stock, up from their previous target price of $11.00.

CSIQ has been the subject of a number of other reports. Freedom Capital downgraded shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Wells Fargo & Company cut their price objective on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Mizuho upped their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Canadian Solar presently has an average rating of “Hold” and an average price target of $19.36.

Canadian Solar Trading Up 0.2%

Shares of NASDAQ:CSIQ opened at $15.40 on Wednesday. The company has a 50 day moving average of $16.49 and a 200-day moving average of $17.27. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The firm has a market cap of $1.05 billion, a P/E ratio of -6.11 and a beta of 1.51. Canadian Solar has a twelve month low of $9.41 and a twelve month high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. The business’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same quarter last year, the business earned ($1.07) earnings per share. As a group, analysts anticipate that Canadian Solar will post -1.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The disclosure for this sale is available in the SEC filing. 21.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Canadian Solar

Institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its holdings in shares of Canadian Solar by 19.3% in the 3rd quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after purchasing an additional 356,625 shares during the period. Legal & General Group Plc lifted its position in shares of Canadian Solar by 13.0% in the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after purchasing an additional 236,115 shares in the last quarter. Polunin Capital Partners Ltd acquired a new stake in shares of Canadian Solar during the fourth quarter worth approximately $43,692,000. Bank of America Corp DE boosted its holdings in shares of Canadian Solar by 292.7% during the first quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock worth $14,840,000 after purchasing an additional 798,610 shares during the period. Finally, Two Sigma Investments LP purchased a new position in Canadian Solar during the third quarter valued at approximately $11,544,000. 52.36% of the stock is currently 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.