Canadian Solar Inc. (CSIQ) Downgraded by Vetr Inc. to Hold
Canadian Solar Inc. (NASDAQ:CSIQ) was downgraded by investment analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday. They presently have a $14.50 price objective on the stock. Vetr‘s price objective suggests a potential upside of 5.53% from the stock’s current price.
Several other equities analysts have also commented on CSIQ. FBR & Co reaffirmed a “buy” rating and issued a $32.00 price target on shares of Canadian Solar in a research note on Monday, June 27th. Canaccord Genuity reaffirmed a “buy” rating and issued a $29.00 price target on shares of Canadian Solar in a research note on Wednesday, June 29th. Zacks Investment Research raised Canadian Solar from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Tuesday, July 5th. Morgan Stanley lowered Canadian Solar from an “overweight” rating to an “underweight” rating and decreased their price target for the company from $24.00 to $12.80 in a research note on Wednesday, August 3rd. Finally, Roth Capital reaffirmed a “buy” rating and issued a $20.00 price target on shares of Canadian Solar in a research note on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $23.07.
Canadian Solar (NASDAQ:CSIQ) opened at 13.74 on Monday. Canadian Solar has a 52 week low of $11.72 and a 52 week high of $29.83. The stock has a market cap of $791.49 million, a price-to-earnings ratio of 5.21 and a beta of 2.93. The stock’s 50 day moving average price is $13.02 and its 200 day moving average price is $15.89.
Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, August 18th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.31. The company earned $805.90 million during the quarter, compared to analysts’ expectations of $735.82 million. Canadian Solar had a return on equity of 19.71% and a net margin of 4.45%. The firm’s quarterly revenue was up 26.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 EPS. On average, analysts forecast that Canadian Solar will post $1.56 earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of the company. Fox Run Management L.L.C. bought a new stake in Canadian Solar during the second quarter worth $206,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in Canadian Solar by 29.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 64,901 shares of the company’s stock valued at $1,252,000 after buying an additional 14,729 shares in the last quarter. Quentec Asset Management LLC boosted its stake in Canadian Solar by 40.2% in the first quarter. Quentec Asset Management LLC now owns 740,376 shares of the company’s stock valued at $14,274,000 after buying an additional 212,400 shares in the last quarter. Springbok Capital Management LLC boosted its stake in Canadian Solar by 80.0% in the first quarter. Springbok Capital Management LLC now owns 45,000 shares of the company’s stock valued at $868,000 after buying an additional 20,000 shares in the last quarter. Finally, HBK Investments L P acquired a new stake in Canadian Solar during the first quarter valued at approximately $2,784,000. 34.50% of the stock is owned by institutional investors.
Canadian Solar Company Profile
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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