Canadian Solar (NASDAQ:CSIQ) Upgraded at BidaskClub
CSIQ has been the topic of several other reports. Roth Capital reissued a buy rating and set a $32.00 target price on shares of Canadian Solar in a research note on Monday, December 2nd. Cascend Securities reissued a buy rating and set a $30.00 target price (up from $25.00) on shares of Canadian Solar in a research note on Friday, August 16th. Finally, ValuEngine raised shares of Canadian Solar from a strong sell rating to a sell rating in a research note on Thursday, November 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $25.50.
NASDAQ:CSIQ traded up $0.06 during trading hours on Thursday, hitting $20.31. 1,132,324 shares of the stock traded hands, compared to its average volume of 1,020,320. The firm has a 50 day moving average price of $16.91 and a 200 day moving average price of $20.01. The company has a current ratio of 1.09, a quick ratio of 0.95 and a debt-to-equity ratio of 0.40. Canadian Solar has a fifty-two week low of $13.46 and a fifty-two week high of $25.89. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 6.19, a PEG ratio of 0.37 and a beta of 2.05.
Canadian Solar declared that its board has authorized a share buyback program on Monday, December 9th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the solar energy provider to purchase up to 13% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Schroder Investment Management Group increased its position in Canadian Solar by 48.3% during the second quarter. Schroder Investment Management Group now owns 4,096,857 shares of the solar energy provider’s stock worth $89,435,000 after buying an additional 1,334,899 shares during the last quarter. JPMorgan Chase & Co. increased its position in Canadian Solar by 106.6% during the second quarter. JPMorgan Chase & Co. now owns 528,380 shares of the solar energy provider’s stock worth $11,624,000 after buying an additional 272,574 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Canadian Solar during the third quarter worth $4,400,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Canadian Solar by 12.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,629,322 shares of the solar energy provider’s stock worth $35,568,000 after buying an additional 176,171 shares during the last quarter. Finally, Morgan Stanley increased its position in Canadian Solar by 3.0% during the second quarter. Morgan Stanley now owns 3,113,501 shares of the solar energy provider’s stock worth $67,967,000 after buying an additional 91,677 shares during the last quarter. 39.86% of the stock is currently owned by institutional investors and hedge funds.
About Canadian Solar
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.
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