Canadian Solar (NASDAQ:CSIQ) Stock Rating Upgraded by Citigroup

Canadian Solar (NASDAQ:CSIQ) was upgraded by equities researchers at Citigroup from a “sell” rating to a “neutral” rating in a research report issued on Wednesday, Marketbeat reports. The brokerage presently has a $18.00 target price on the solar energy provider’s stock, up from their prior target price of $11.00. Citigroup’s price target suggests a potential upside of 22.53% from the stock’s previous close.

Several other equities research analysts also recently issued reports on CSIQ. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. 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. Wells Fargo & Company decreased their price target on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. Finally, Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $19.36.

Canadian Solar Stock Performance

Canadian Solar stock opened at $14.69 on Wednesday. The stock’s 50-day moving average is $16.43 and its 200-day moving average is $17.19. The company has a market cap of $997.45 million, a price-to-earnings ratio of -5.83 and a beta of 1.51. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. Canadian Solar has a 12 month low of $9.41 and a 12 month high of $34.59.

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

Insider Buying and Selling at Canadian Solar

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

Institutional Trading of Canadian Solar

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Polunin Capital Partners Ltd purchased a new stake in Canadian Solar during the 4th quarter worth approximately $43,692,000. Two Sigma Investments LP purchased a new position in shares of Canadian Solar during the 3rd quarter valued at approximately $11,544,000. Bank of America Corp DE boosted its stake in shares of Canadian Solar by 292.7% during 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 buying an additional 798,610 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Canadian Solar during the first quarter worth approximately $6,921,000. Finally, JPMorgan Chase & Co. grew its position in shares of Canadian Solar by 206.6% during the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after buying an additional 385,355 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.