BidaskClub Upgrades Canadian Solar (CSIQ) to Buy

Canadian Solar (NASDAQ:CSIQ) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

Other equities research analysts have also issued reports about the stock. ValuEngine upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Friday, September 7th. B. Riley set a $18.00 price target on shares of Canadian Solar and gave the company a “hold” rating in a research note on Wednesday, August 15th. Finally, Zacks Investment Research lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Friday, August 17th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Canadian Solar currently has an average rating of “Hold” and a consensus price target of $17.67.

CSIQ traded up $0.22 during trading on Wednesday, hitting $15.24. The company had a trading volume of 3,689 shares, compared to its average volume of 539,428. The stock has a market capitalization of $868.31 million, a P/E ratio of 14.63, a P/E/G ratio of 0.33 and a beta of 2.27. Canadian Solar has a one year low of $11.37 and a one year high of $19.09. The company has a current ratio of 0.93, a quick ratio of 0.84 and a debt-to-equity ratio of 0.20.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Tuesday, August 14th. The solar energy provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.01). Canadian Solar had a net margin of 3.26% and a return on equity of 12.44%. The company had revenue of $650.10 million during the quarter, compared to the consensus estimate of $711.53 million. During the same period in the prior year, the firm posted $0.63 earnings per share. The company’s revenue was down 6.1% compared to the same quarter last year. On average, equities research analysts predict that Canadian Solar will post 1.73 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. increased its stake in shares of Canadian Solar by 467.8% during the 2nd quarter. Sei Investments Co. now owns 11,549 shares of the solar energy provider’s stock worth $141,000 after purchasing an additional 9,515 shares during the last quarter. Belpointe Asset Management LLC acquired a new position in shares of Canadian Solar during the 2nd quarter worth about $145,000. Guinness Asset Management Ltd increased its stake in shares of Canadian Solar by 30.0% during the 2nd quarter. Guinness Asset Management Ltd now owns 30,800 shares of the solar energy provider’s stock worth $377,000 after purchasing an additional 7,100 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Canadian Solar by 9.3% during the 2nd quarter. First Trust Advisors LP now owns 60,417 shares of the solar energy provider’s stock worth $740,000 after purchasing an additional 5,142 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Canadian Solar by 8.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 78,173 shares of the solar energy provider’s stock worth $957,000 after purchasing an additional 5,890 shares during the last quarter. Institutional investors own 36.03% of the company’s stock.

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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Analyst Recommendations for Canadian Solar (NASDAQ:CSIQ)

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