Canadian Solar (NASDAQ:CSIQ) Stock Rating Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Canadian Solar (NASDAQ:CSIQ) from a hold rating to a strong sell rating in a research note published on Thursday,Zacks reports.

A number of other research analysts have also recently commented on CSIQ. Glj Research reaffirmed a “sell” rating and issued a $5.58 target price on shares of Canadian Solar in a research report on Thursday, August 27th. UBS Group lowered their target price on Canadian Solar from $25.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday. Wall Street Zen downgraded Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 29th. Wells Fargo & Company dropped their target price on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, August 31st. Finally, Citigroup cut their price target 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. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $16.42.

Canadian Solar Trading Down 7.2%

CSIQ stock traded down $0.76 during trading on Thursday, reaching $9.81. 2,654,919 shares of the stock were exchanged, compared to its average volume of 1,729,968. The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $666.10 million, a price-to-earnings ratio of -2.55 and a beta of 1.53. The business has a 50 day moving average price of $12.70 and a 200-day moving average price of $14.61. Canadian Solar has a 1 year low of $9.76 and a 1 year high of $34.59.

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

Institutional Trading of Canadian Solar

A number of large investors have recently made changes to their positions in CSIQ. TD Waterhouse Canada Inc. grew its position in shares of Canadian Solar by 139.2% in the third quarter. TD Waterhouse Canada Inc. now owns 23,200 shares of the solar energy provider’s stock valued at $262,000 after purchasing an additional 13,500 shares during the last quarter. Mraz Amerine & Associates Inc. acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at about $188,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Canadian Solar during the second quarter worth $166,000. Hsbc Holdings PLC increased its position in Canadian Solar by 170.5% in the second quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock worth $5,220,000 after buying an additional 205,397 shares during the period. Finally, Wellington Management Group LLP acquired a new stake in Canadian Solar in the second quarter worth approximately $1,018,259,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Solar

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.