J P Morgan Chase & Co Downgrades Canadian Solar (CSIQ) to Underweight
Canadian Solar (NASDAQ:CSIQ) was downgraded by investment analysts at J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a research note issued to investors on Tuesday. They presently have a $15.00 price target on the solar energy provider’s stock. J P Morgan Chase & Co’s target price would indicate a potential downside of 15.68% from the company’s current price.
A number of other equities analysts also recently issued reports on the stock. Cowen set a $18.00 price objective on shares of Canadian Solar and gave the stock a “hold” rating in a report on Monday. B. Riley set a $15.00 price objective on shares of Canadian Solar and gave the stock a “hold” rating in a report on Monday. Axiom Securities set a $26.00 price objective on shares of Canadian Solar and gave the stock a “buy” rating in a report on Wednesday, November 15th. Zacks Investment Research downgraded shares of Canadian Solar from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Finally, Roth Capital raised shares of Canadian Solar from a “neutral” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Friday, November 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Canadian Solar presently has an average rating of “Hold” and a consensus target price of $19.71.
Canadian Solar (NASDAQ CSIQ) traded up $0.54 on Tuesday, hitting $17.79. 4,828,500 shares of the company were exchanged, compared to its average volume of 1,264,871. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.88 and a current ratio of 0.95. The stock has a market capitalization of $1,000.55, a P/E ratio of 82.14, a price-to-earnings-growth ratio of 0.68 and a beta of 3.08. Canadian Solar has a one year low of $10.86 and a one year high of $19.09.
A number of large investors have recently modified their holdings of CSIQ. Pacad Investment Ltd. purchased a new position in Canadian Solar during the second quarter valued at approximately $115,000. Legal & General Group Plc raised its position in shares of Canadian Solar by 111.1% during the second quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock valued at $124,000 after buying an additional 4,100 shares during the last quarter. Columbus Circle Investors bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $318,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $323,000. Finally, State Street Corp raised its position in shares of Canadian Solar by 6.0% during the second quarter. State Street Corp now owns 21,698 shares of the solar energy provider’s stock valued at $345,000 after buying an additional 1,227 shares during the last quarter. 42.52% of the stock is currently owned by institutional investors and hedge funds.
Canadian Solar Company Profile
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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