Canadian Solar Inc. (CSIQ) Downgraded to Hold at Vetr Inc.
Canadian Solar Inc. (NASDAQ:CSIQ) was downgraded by equities research analysts at Vetr from a “buy” rating to a “hold” rating in a report issued on Monday. They presently have a $14.50 price target on the stock. Vetr‘s price target would suggest a potential upside of 1.05% from the company’s current price.
A number of other brokerages have also recently commented on CSIQ. Zacks Investment Research cut shares of Canadian Solar from a “buy” rating to a “hold” rating in a research report on Friday, July 8th. Roth Capital set a $20.00 target price on shares of Canadian Solar and gave the company a “buy” rating in a research report on Sunday, August 21st. Cowen and Company cut shares of Canadian Solar from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $20.00 to $13.00 in a research report on Friday, August 19th. Canaccord Genuity reiterated a “buy” rating and issued a $29.00 target price on shares of Canadian Solar in a research report on Wednesday, June 29th. Finally, FBR & Co reduced their target price on shares of Canadian Solar from $32.00 to $23.00 and set an “outperform” rating for the company in a research report on Friday, August 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. Canadian Solar has an average rating of “Buy” and a consensus price target of $23.10.
Canadian Solar (NASDAQ:CSIQ) traded down 3.30% during midday trading on Monday, reaching $14.35. 1,677,738 shares of the company’s stock traded hands. The company has a market capitalization of $826.63 million, a price-to-earnings ratio of 5.44 and a beta of 2.57. The firm’s 50-day moving average is $13.19 and its 200-day moving average is $15.68. Canadian Solar has a 1-year low of $11.72 and a 1-year high of $29.83.
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Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data 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 business had revenue of $805.90 million for the quarter, compared to the consensus estimate of $735.82 million. Canadian Solar had a net margin of 4.45% and a return on equity of 19.71%. The company’s revenue was up 26.6% compared to the same quarter last year. During the same period last year, the firm posted $0.31 earnings per share. Analysts forecast that Canadian Solar will post $1.56 earnings per share for the current year.
Several large investors have recently made changes to their positions in the stock. HBK Investments L P bought a new stake in shares of Canadian Solar during the first quarter worth $2,784,000. BlackRock Fund Advisors raised its position in Canadian Solar by 16.5% in the first quarter. BlackRock Fund Advisors now owns 91,374 shares of the company’s stock valued at $1,762,000 after buying an additional 12,918 shares during the last quarter. Quentec Asset Management LLC raised its position 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 during the last quarter. Ruffer LLP raised its position in Canadian Solar by 12.3% in the first quarter. Ruffer LLP now owns 660,236 shares of the company’s stock valued at $12,739,000 after buying an additional 72,077 shares during the last quarter. Finally, Delta Lloyd NV raised its position in Canadian Solar by 14.8% in the second quarter. Delta Lloyd NV now owns 524,431 shares of the company’s stock valued at $7,929,000 after buying an additional 67,471 shares during the last quarter. Institutional investors and hedge funds own 34.50% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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