Canadian Solar Inc. (CSIQ) Stock Rating Lowered by Zacks Investment Research
Canadian Solar Inc. (NASDAQ:CSIQ) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Canadian Solar’s third-quarter 2017 earnings came in line with the Zacks Consensus Estimate, but declined year-over-year. Meanwhile, revenues surpassed the consensus mark and improved year over year. The company also increased its earnings guidance for 2017. Notably, Canadian Solar caters to a geographically diverse customer base spread across both key markets and emerging markets. Therefore, it is gradually gaining share in Asia, which could soon become a major solar market. Its strong pipeline of projects along with pertinent inorganic strategies will further consolidate its position. However, the company is expected to continue experiencing market dislocation in the near term, which might directly impact its 2017 financial performance. Stiff competition from cheaper alternatives and exposure to foreign exchange risks are added concerns. Shares of Canadian Solar also underperformed the broader industry in the last year.”
Several other equities research analysts have also recently weighed in on CSIQ. Axiom Securities reiterated a “buy” rating on shares of Canadian Solar in a report on Saturday, July 22nd. BidaskClub cut Canadian Solar from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Vetr upgraded Canadian Solar from a “buy” rating to a “strong-buy” rating and set a $19.06 target price for the company in a report on Thursday, August 10th. Cowen and Company set a $16.00 target price on Canadian Solar and gave the stock a “hold” rating in a report on Monday, August 14th. Finally, FBR & Co reiterated a “neutral” rating and issued a $15.00 target price (up from $13.00) on shares of Canadian Solar in a report on Tuesday, August 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $20.01.
Shares of Canadian Solar (NASDAQ CSIQ) traded up $0.01 during mid-day trading on Tuesday, hitting $17.46. The company’s stock had a trading volume of 1,044,700 shares, compared to its average volume of 1,263,352. Canadian Solar has a twelve month low of $10.36 and a twelve month high of $19.09. The stock has a market cap of $1,030.00, a PE ratio of 83.10, a price-to-earnings-growth ratio of 0.69 and a beta of 3.12. The company has a quick ratio of 0.88, a current ratio of 0.95 and a debt-to-equity ratio of 0.45.
Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, November 9th. The solar energy provider reported $0.22 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.22. Canadian Solar had a return on equity of 1.32% and a net margin of 0.84%. The business had revenue of $912.20 million during the quarter, compared to analysts’ expectations of $812.37 million. During the same period in the prior year, the business earned $0.27 EPS. The business’s revenue for the quarter was up 38.8% compared to the same quarter last year. analysts forecast that Canadian Solar will post 0.97 EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently modified their holdings of CSIQ. Pacad Investment Ltd. purchased a new stake in shares of Canadian Solar during the 2nd quarter worth $115,000. Legal & General Group Plc lifted its stake in shares of Canadian Solar by 111.1% during the 2nd quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock worth $124,000 after purchasing an additional 4,100 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Canadian Solar in the first quarter valued at about $303,000. Columbus Circle Investors purchased a new stake in Canadian Solar in the second quarter valued at about $318,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Canadian Solar in the second quarter valued at about $323,000. Hedge funds and other institutional investors own 40.01% of the company’s stock.
Canadian Solar Company Profile
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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