Canadian Solar Inc. (CSIQ) Stock Rating Lowered by Zacks Investment Research
Canadian Solar Inc. (NASDAQ:CSIQ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Canadian Solar is slowly losing its ground in America despite promising prospects. The company’s falling revenues in the region is a growing concern. Stiff competition from cheaper alternatives, exposure to foreign exchange risks are other major concerns for the company. Again, the Japanese government's tightening of interconnection time frames for projects seeking feed-in tariffs may lead to project push-outs in the country, which add to the concerns. However, Canadian Solar caters to a geographically diverse customer base spread across both key markets and emerging markets. It is gradually gaining share in Asia, which could soon become a major solar market. The company has a strong pipeline of projects and is known for its strategic moves that consolidate its position.”
A number of other analysts also recently weighed in on CSIQ. FBR & Co reaffirmed a “buy” rating and set a $32.00 price target on shares of Canadian Solar in a report on Monday, June 27th. Canaccord Genuity reissued a “buy” rating and issued a $29.00 price objective on shares of Canadian Solar in a research note on Wednesday, June 29th. Morgan Stanley downgraded shares of Canadian Solar from an “overweight” rating to an “underweight” rating and dropped their price objective for the company from $24.00 to $12.80 in a research note on Wednesday, August 3rd. Roth Capital reissued a “buy” rating and issued a $20.00 price objective on shares of Canadian Solar in a research note on Monday, August 8th. Finally, Vetr downgraded shares of Canadian Solar from a “strong-buy” rating to a “hold” rating and set a $14.42 price objective for the company. in a research note on Tuesday, August 9th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. Canadian Solar has an average rating of “Hold” and a consensus target price of $23.07.
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Shares of Canadian Solar (NASDAQ:CSIQ) traded up 1.16% during trading on Tuesday, hitting $14.87. 648,834 shares of the stock traded hands. The firm has a market capitalization of $856.59 million, a price-to-earnings ratio of 5.63 and a beta of 2.57. Canadian Solar has a 1-year low of $11.72 and a 1-year high of $29.83. The firm has a 50-day moving average of $13.49 and a 200-day moving average of $15.43.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 18th. The company reported $0.68 earnings per share for the quarter, topping the Zacks’ 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 company earned $805.90 million during the quarter, compared to the consensus estimate of $735.82 million. During the same quarter in the prior year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 26.6% on a year-over-year basis. On average, equities analysts forecast that Canadian Solar will post $1.56 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Stevens Capital Management LP acquired a new position in Canadian Solar during the second quarter valued at about $164,000. Landscape Capital Management L.L.C. acquired a new position in Canadian Solar during the second quarter valued at about $166,000. BlackRock Inc. increased its position in Canadian Solar by 55.2% in the second quarter. BlackRock Inc. now owns 11,970 shares of the company’s stock valued at $182,000 after buying an additional 4,256 shares during the last quarter. Guinness Asset Management Ltd increased its position in Canadian Solar by 53.2% in the second quarter. Guinness Asset Management Ltd now owns 12,100 shares of the company’s stock valued at $183,000 after buying an additional 4,200 shares during the last quarter. Finally, Gamco Investors INC. ET AL acquired a new position in Canadian Solar during the second quarter valued at about $184,000. 34.51% of the stock is owned by hedge funds and other institutional investors.
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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