Canadian Solar (CSIQ) Lowered to “Hold” at BidaskClub

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BidaskClub cut shares of Canadian Solar (NASDAQ:CSIQ) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

CSIQ has been the subject of several other reports. Zacks Investment Research downgraded Canadian Solar from a hold rating to a strong sell rating in a research note on Tuesday, October 16th. B. Riley reduced their price objective on Canadian Solar from $18.00 to $17.00 and set a hold rating for the company in a research note on Thursday, August 23rd. JPMorgan Chase & Co. downgraded Canadian Solar from a neutral rating to an underweight rating and set a $15.00 price objective for the company. in a research note on Monday, October 22nd. They noted that the move was a valuation call. Finally, ValuEngine raised Canadian Solar from a sell rating to a hold rating in a research note on Thursday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $17.67.

CSIQ opened at $13.96 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.93 and a debt-to-equity ratio of 0.20. The company has a market cap of $754.04 million, a price-to-earnings ratio of 13.42, a P/E/G ratio of 0.29 and a beta of 2.27. Canadian Solar has a 52 week low of $11.37 and a 52 week high of $19.09.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Tuesday, August 14th. The solar energy provider reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.01). The company had revenue of $650.10 million for the quarter, compared to analysts’ expectations of $711.53 million. Canadian Solar had a net margin of 3.26% and a return on equity of 12.44%. The firm’s revenue was down 6.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.63 earnings per share. On average, equities research analysts expect that Canadian Solar will post 1.73 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Sei Investments Co. raised its stake in shares of Canadian Solar by 467.8% during the 2nd quarter. Sei Investments Co. now owns 11,549 shares of the solar energy provider’s stock worth $141,000 after buying an additional 9,515 shares in the last quarter. Belpointe Asset Management LLC purchased a new position in shares of Canadian Solar during the 2nd quarter worth approximately $145,000. Guinness Asset Management Ltd raised its stake in shares of Canadian Solar by 30.0% during the 2nd quarter. Guinness Asset Management Ltd now owns 30,800 shares of the solar energy provider’s stock worth $377,000 after buying an additional 7,100 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Canadian Solar by 9.3% during the 2nd quarter. First Trust Advisors LP now owns 60,417 shares of the solar energy provider’s stock worth $740,000 after buying an additional 5,142 shares in the last quarter. Finally, Global X Management Co LLC raised its stake in shares of Canadian Solar by 43.4% during the 2nd quarter. Global X Management Co LLC now owns 78,194 shares of the solar energy provider’s stock worth $957,000 after buying an additional 23,671 shares in the last quarter. 35.67% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

Further Reading: Price to Earnings Ratio (PE) Basics

Analyst Recommendations for Canadian Solar (NASDAQ:CSIQ)

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