Canadian Solar (NASDAQ:CSIQ) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

A number of other brokerages also recently issued reports on CSIQ. Zacks Investment Research downgraded shares of Canadian Solar from a “buy” rating to a “hold” rating in a research report on Friday, August 17th. B. Riley cut their price objective on shares of Canadian Solar from $18.00 to $17.00 and set a “hold” rating for the company in a research report on Thursday, August 23rd. Finally, ValuEngine downgraded shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 20th. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.67.

Shares of CSIQ stock opened at $15.16 on Wednesday. Canadian Solar has a 1 year low of $11.37 and a 1 year high of $19.09. The company has a quick ratio of 0.84, a current ratio of 0.93 and a debt-to-equity ratio of 0.20. The firm has a market cap of $841.05 million, a PE ratio of 14.58, a price-to-earnings-growth ratio of 0.32 and a beta of 2.27.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Tuesday, August 14th. The solar energy provider reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). Canadian Solar had a net margin of 3.26% and a return on equity of 12.44%. The business had revenue of $650.10 million for the quarter, compared to the consensus estimate of $711.53 million. During the same period in the previous year, the firm earned $0.63 EPS. The company’s revenue was down 6.1% on a year-over-year basis. On average, sell-side analysts forecast that Canadian Solar will post 1.73 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP lifted its stake in shares of Canadian Solar by 9.3% during the 2nd quarter. First Trust Advisors LP now owns 60,417 shares of the solar energy provider’s stock valued at $740,000 after buying an additional 5,142 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Canadian Solar by 8.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 78,173 shares of the solar energy provider’s stock valued at $957,000 after buying an additional 5,890 shares in the last quarter. Guinness Asset Management Ltd lifted its stake in shares of Canadian Solar by 30.0% during the 2nd quarter. Guinness Asset Management Ltd now owns 30,800 shares of the solar energy provider’s stock valued at $377,000 after buying an additional 7,100 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Canadian Solar by 467.8% during the 2nd quarter. Sei Investments Co. now owns 11,549 shares of the solar energy provider’s stock valued at $141,000 after buying an additional 9,515 shares in the last quarter. Finally, Belpointe Asset Management LLC purchased a new position in shares of Canadian Solar during the 2nd quarter valued at $145,000. Institutional investors own 36.03% of the company’s stock.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

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Analyst Recommendations for Canadian Solar (NASDAQ:CSIQ)

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