FBR & Co downgraded shares of Canadian Solar Inc. (NASDAQ:CSIQ) from an outperform rating to a market perform rating in a report released on Tuesday. The firm currently has $12.00 target price on the stock, down from their previous target price of $23.00.
Other equities research analysts also recently issued reports about the company. Roth Capital set a $20.00 price target on Canadian Solar and gave the company a buy rating in a report on Sunday, August 21st. Morgan Stanley lowered Canadian Solar from an overweight rating to an underweight rating and reduced their price objective for the company from $24.00 to $12.80 in a research report on Wednesday, August 3rd. Barclays PLC lowered Canadian Solar from an overweight rating to an equal weight rating and reduced their price objective for the company from $24.00 to $14.00 in a research report on Wednesday, August 24th. Standpoint Research restated a buy rating and set a $18.00 price objective on shares of Canadian Solar in a research report on Tuesday, September 6th. Finally, Vetr upgraded Canadian Solar from a hold rating to a buy rating and set a $14.62 price objective for the company in a research report on Monday, August 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $21.15.
Canadian Solar (NASDAQ:CSIQ) opened at 10.83 on Tuesday. The firm has a 50-day moving average price of $13.63 and a 200 day moving average price of $14.58. The stock has a market cap of $625.74 million, a PE ratio of 4.52 and a beta of 3.19. Canadian Solar has a 52-week low of $10.25 and a 52-week high of $29.83.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Monday, November 21st. The company reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.03. Canadian Solar had a return on equity of 15.81% and a net margin of 4.26%. The business earned $657.30 million during the quarter, compared to the consensus estimate of $685.28 million. During the same period in the previous year, the business earned $0.53 EPS. The business’s quarterly revenue was down 22.7% on a year-over-year basis. Equities analysts anticipate that Canadian Solar will post $1.62 earnings per share for the current year.
Several hedge funds have recently made changes to their positions in CSIQ. KBC Group NV raised its stake in shares of Canadian Solar by 59.1% in the third quarter. KBC Group NV now owns 10,289 shares of the company’s stock valued at $141,000 after buying an additional 3,820 shares during the period. Stevens Capital Management LP bought a new stake in shares of Canadian Solar during the second quarter worth about $164,000. Landscape Capital Management L.L.C. bought a new stake in shares of Canadian Solar during the second quarter worth about $166,000. BlackRock Inc. raised its stake in shares of Canadian Solar by 55.2% in the second quarter. BlackRock Inc. now owns 11,970 shares of the company’s stock worth $182,000 after buying an additional 4,256 shares during the period. Finally, Guinness Asset Management Ltd raised its stake in shares of Canadian Solar by 53.2% in the second quarter. Guinness Asset Management Ltd now owns 12,100 shares of the company’s stock worth $183,000 after buying an additional 4,200 shares during the period. Institutional investors and hedge funds own 37.48% of the company’s stock.
Canadian Solar Company Profile