Canadian Solar (NASDAQ:CSIQ) Upgraded at StockNews.com

Canadian Solar (NASDAQ:CSIQ) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

A number of other analysts have also recently commented on CSIQ. Mizuho assumed coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. Wells Fargo & Company cut their price target on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 5th. Jefferies Financial Group assumed coverage on Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their target price for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $14.00 to $11.00 in a research note on Tuesday, December 17th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $18.58.

Canadian Solar Stock Up 7.6 %

CSIQ traded up $0.94 on Tuesday, reaching $13.29. The company’s stock had a trading volume of 2,706,691 shares, compared to its average volume of 2,059,146. The company has a market capitalization of $879.25 million, a price-to-earnings ratio of -110.75, a P/E/G ratio of 8.89 and a beta of 1.27. Canadian Solar has a fifty-two week low of $10.60 and a fifty-two week high of $25.43. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The stock has a 50 day moving average of $12.33 and a two-hundred day moving average of $13.74.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the prior year, the business posted $0.32 EPS. The company’s revenue for the quarter was down 18.4% on a year-over-year basis. As a group, analysts forecast that Canadian Solar will post 0.06 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Hedge funds have recently made changes to their positions in the company. Rhumbline Advisers lifted its position in Canadian Solar by 34.6% in the second quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider’s stock valued at $287,000 after purchasing an additional 5,003 shares during the period. SIR Capital Management L.P. purchased a new position in shares of Canadian Solar during the 2nd quarter worth approximately $3,994,000. American Century Companies Inc. lifted its holdings in shares of Canadian Solar by 8.0% in the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after buying an additional 1,383 shares during the period. DRW Securities LLC boosted its stake in shares of Canadian Solar by 36.0% in the second quarter. DRW Securities LLC now owns 68,000 shares of the solar energy provider’s stock valued at $1,003,000 after buying an additional 18,000 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in Canadian Solar by 26.3% during the second quarter. Marshall Wace LLP now owns 60,143 shares of the solar energy provider’s stock worth $887,000 after acquiring an additional 12,513 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.