Canadian Solar (NASDAQ:CSIQ) Downgraded by StockNews.com to “Sell”

StockNews.com lowered shares of Canadian Solar (NASDAQ:CSIQ) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

A number of other brokerages have also commented on CSIQ. UBS Group dropped their target price on Canadian Solar from $38.00 to $35.00 and set a buy rating on the stock in a research report on Wednesday, June 12th. Roth Mkm restated a buy rating and issued a $25.00 price objective on shares of Canadian Solar in a research report on Wednesday, May 22nd. JPMorgan Chase & Co. upped their price objective on Canadian Solar from $17.00 to $20.00 and gave the stock an underweight rating in a research report on Tuesday, July 16th. Finally, Glj Research upped their price objective on Canadian Solar from $9.10 to $12.28 and gave the stock a sell rating in a research report on Tuesday, July 30th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $27.03.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $14.49 on Wednesday. The business’s 50 day moving average price is $16.71 and its 200 day moving average price is $18.31. The firm has a market cap of $958.66 million, a P/E ratio of 5.03, a P/E/G ratio of 0.30 and a beta of 1.29. Canadian Solar has a 52 week low of $13.80 and a 52 week high of $35.50. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, May 9th. The solar energy provider reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.20. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. Canadian Solar had a return on equity of 5.61% and a net margin of 2.80%. Canadian Solar’s revenue for the quarter was down 21.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 earnings per share. On average, sell-side analysts expect that Canadian Solar will post 2.07 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently added to or reduced their stakes in CSIQ. USCF Advisers LLC lifted its holdings in Canadian Solar by 87.5% in the 4th quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock valued at $39,000 after purchasing an additional 700 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Canadian Solar by 72.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after purchasing an additional 3,100 shares in the last quarter. Private Advisor Group LLC purchased a new position in Canadian Solar in the 4th quarter valued at $201,000. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Canadian Solar by 27.6% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock valued at $257,000 after purchasing an additional 3,768 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in Canadian Solar by 34.6% in the 2nd quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider’s stock valued at $287,000 after purchasing an additional 5,003 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.