Canadian Solar (NASDAQ:CSIQ) Upgraded to Neutral at Citigroup

Canadian Solar (NASDAQ:CSIQ) was upgraded by equities research analysts at Citigroup from a “sell” rating to a “neutral” rating in a research note issued to investors on Wednesday. The brokerage currently has a $18.00 price objective on the solar energy provider’s stock. Citigroup’s price objective points to a potential upside of 17.11% from the company’s previous close.

Several other research analysts have also commented on CSIQ. Wells Fargo & Company cut their price target on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Mizuho lifted their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.36.

Canadian Solar Stock Up 1.1%

Shares of NASDAQ:CSIQ opened at $15.37 on Wednesday. The firm has a 50 day simple moving average of $16.58 and a 200-day simple moving average of $17.33. Canadian Solar has a twelve month low of $9.41 and a twelve month high of $34.59. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $1.04 billion, a PE ratio of -6.10 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. Canadian Solar’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.07) earnings per share. On average, equities analysts predict that Canadian Solar will post -1.81 EPS for the current fiscal year.

Insider Activity at Canadian Solar

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. Additional details regarding this sale are available in the official SEC disclosure. 21.50% of the stock is owned by corporate insiders.

Institutional Trading of Canadian Solar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. increased its stake in shares of Canadian Solar by 19.3% during the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock worth $28,696,000 after acquiring an additional 356,625 shares during the period. Legal & General Group Plc lifted its position in Canadian Solar by 13.0% in the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock valued at $26,741,000 after purchasing an additional 236,115 shares during the period. Polunin Capital Partners Ltd acquired a new stake in Canadian Solar in the fourth quarter valued at about $43,692,000. Bank of America Corp DE boosted its holdings in Canadian Solar by 292.7% in the 1st quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock valued at $14,840,000 after purchasing an additional 798,610 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new stake in Canadian Solar in the 3rd quarter valued at approximately $11,544,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.