Canadian Solar (NASDAQ:CSIQ) Stock Rating Lowered by Zacks Research

Canadian Solar (NASDAQ:CSIQ) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday, Zacks reports.

Other equities research analysts also recently issued reports about the company. Mizuho cut their price target on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a research note on Friday, August 28th. Citigroup lowered their price objective on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, August 27th. Glj Research reiterated a “sell” rating and issued a $5.58 price objective on shares of Canadian Solar in a research note on Thursday, August 27th. Wall Street Zen downgraded shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, August 29th. Finally, UBS Group cut their target price on shares of Canadian Solar from $25.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $16.42.

Canadian Solar Stock Performance

Shares of CSIQ traded down $0.76 during trading hours on Thursday, hitting $9.81. The stock had a trading volume of 2,654,919 shares, compared to its average volume of 1,729,968. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. Canadian Solar has a 12 month low of $9.76 and a 12 month high of $34.59. The firm has a market capitalization of $666.10 million, a PE ratio of -2.55 and a beta of 1.53. The stock has a fifty day moving average price of $12.70 and a 200 day moving average price of $14.61.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the company posted ($0.53) EPS. The firm’s revenue was down 28.7% compared to the same quarter last year. Analysts anticipate that Canadian Solar will post -2.93 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new position in Canadian Solar during the second quarter valued at $96,000. Jones Financial Companies Lllp purchased a new stake in Canadian Solar in the second quarter worth about $100,000. Danske Bank A S purchased a new stake in Canadian Solar in the second quarter worth about $100,000. EFG International AG purchased a new stake in Canadian Solar in the second quarter worth about $161,000. Finally, Kelleher Financial Advisors bought a new position in shares of Canadian Solar in the second quarter worth about $186,000. 52.36% of the stock is owned by institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.