BidaskClub upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a sell rating to a hold rating in a research report released on Friday morning, BidAskClub reports.

Several other analysts have also recently weighed in on CSIQ. ValuEngine cut Canadian Solar from a sell rating to a strong sell rating in a report on Thursday, April 9th. Cfra upgraded Canadian Solar from a hold rating to a buy rating and raised their price objective for the stock from $20.00 to $22.00 in a research note on Friday, May 29th. Finally, Oppenheimer restated a buy rating and set a $25.00 price objective on shares of Canadian Solar in a research note on Thursday, May 28th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $26.60.

CSIQ opened at $19.03 on Friday. Canadian Solar has a 12-month low of $12.00 and a 12-month high of $25.35. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 3.84, a PEG ratio of 0.26 and a beta of 1.60. The business has a 50 day moving average of $18.31 and a 200-day moving average of $19.28. The company has a quick ratio of 0.95, a current ratio of 1.17 and a debt-to-equity ratio of 0.45.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, May 28th. The solar energy provider reported $1.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.98. The business had revenue of $825.60 million during the quarter, compared to analysts’ expectations of $792.65 million. Canadian Solar had a return on equity of 16.69% and a net margin of 8.45%. The firm’s revenue for the quarter was up 70.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.29) EPS. As a group, analysts expect that Canadian Solar will post 2.25 earnings per share for the current year.

Hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Canadian Solar by 18.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,836 shares of the solar energy provider’s stock worth $77,000 after acquiring an additional 736 shares during the last quarter. Advisor Group Holdings Inc. bought a new stake in Canadian Solar during the 1st quarter worth $85,000. Belpointe Asset Management LLC bought a new stake in Canadian Solar during the 4th quarter worth $140,000. Ellington Management Group LLC bought a new stake in Canadian Solar during the 4th quarter worth $210,000. Finally, Tower Research Capital LLC TRC grew its position in Canadian Solar by 46.5% during the 1st quarter. Tower Research Capital LLC TRC now owns 10,000 shares of the solar energy provider’s stock worth $159,000 after acquiring an additional 3,172 shares during the last quarter. Institutional investors and hedge funds own 40.47% 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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