Canadian Solar Inc. (CSIQ) Downgraded by Vetr Inc. to Sell
Vetr downgraded shares of Canadian Solar Inc. (NASDAQ:CSIQ) from a hold rating to a sell rating in a report issued on Thursday. They currently have $14.54 price target on the stock.
A number of other brokerages have also recently issued reports on CSIQ. Zacks Investment Research upgraded shares of Canadian Solar from a sell rating to a hold rating in a report on Monday, September 26th. JMP Securities began coverage on shares of Canadian Solar in a report on Thursday, September 8th. They set a market perform rating for the company. Standpoint Research reiterated a buy rating and set a $18.00 price objective on shares of Canadian Solar in a report on Tuesday, September 6th. Cowen and Company began coverage on shares of Canadian Solar in a report on Thursday, August 25th. They set an outperform rating and a $28.50 price objective for the company. Finally, Barclays PLC cut shares of Canadian Solar from an overweight rating to an equal weight rating and reduced their price objective for the company from $24.00 to $14.00 in a report on Wednesday, August 24th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $23.07.
Shares of Canadian Solar (NASDAQ:CSIQ) traded down 0.232% during trading on Thursday, hitting $15.055. 497,359 shares of the stock traded hands. The firm has a market capitalization of $867.24 million, a price-to-earnings ratio of 5.705 and a beta of 2.57. The firm has a 50-day moving average of $13.34 and a 200-day moving average of $15.58. Canadian Solar has a 1-year low of $11.72 and a 1-year high of $29.83.
Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, August 18th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.31. Canadian Solar had a net margin of 4.45% and a return on equity of 19.71%. The firm earned $805.90 million during the quarter, compared to the consensus estimate of $735.82 million. During the same period in the previous year, the firm posted $0.31 earnings per share. The business’s revenue was up 26.6% compared to the same quarter last year. On average, equities analysts forecast that Canadian Solar will post $1.56 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in the company. Stevens Capital Management LP acquired a new stake in shares of Canadian Solar during the second quarter worth about $164,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Canadian Solar during the second quarter worth about $166,000. BlackRock Inc. boosted its stake in shares of Canadian Solar by 55.2% in the second quarter. BlackRock Inc. now owns 11,970 shares of the company’s stock worth $182,000 after buying an additional 4,256 shares during the period. Guinness Asset Management Ltd boosted its stake in shares of Canadian Solar by 53.2% in the second quarter. Guinness Asset Management Ltd now owns 12,100 shares of the company’s stock worth $183,000 after buying an additional 4,200 shares during the period. Finally, Gamco Investors INC. ET AL acquired a new stake in shares of Canadian Solar during the second quarter worth about $184,000. 34.50% of the stock is owned by institutional investors and hedge funds.
About Canadian Solar
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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