ValuEngine upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a sell rating to a hold rating in a research note issued to investors on Thursday, ValuEngine reports.

CSIQ has been the topic of a number of other research reports. UBS Group raised Canadian Solar from a sell rating to a neutral rating and set a $23.00 target price on the stock in a report on Monday, February 11th. JPMorgan Chase & Co. began coverage on Canadian Solar in a research report on Thursday, April 11th. They issued a neutral rating and a $22.00 price target for the company. Standpoint Research cut Canadian Solar from a buy rating to a hold rating in a research report on Friday, March 1st. Zacks Investment Research cut Canadian Solar from a buy rating to a hold rating in a research report on Thursday, April 11th. Finally, Cascend Securities upgraded Canadian Solar from a hold rating to a buy rating and upped their price target for the stock from $21.00 to $27.00 in a research report on Wednesday, February 20th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $21.50.

CSIQ stock opened at $19.09 on Thursday. Canadian Solar has a fifty-two week low of $11.37 and a fifty-two week high of $25.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.95 and a current ratio of 1.04. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 7.64, a PEG ratio of 0.25 and a beta of 2.43.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, May 30th. The solar energy provider reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.15. Canadian Solar had a return on equity of 13.14% and a net margin of 6.29%. The company had revenue of $484.70 million for the quarter, compared to the consensus estimate of $468.25 million. During the same quarter in the prior year, the company earned $0.72 earnings per share. Canadian Solar’s revenue was down 46.2% on a year-over-year basis. On average, equities analysts predict that Canadian Solar will post 2.43 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. increased its position in Canadian Solar by 27.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,453,151 shares of the solar energy provider’s stock worth $27,072,000 after buying an additional 310,619 shares in the last quarter. Norges Bank purchased a new stake in Canadian Solar in the fourth quarter worth about $17,966,000. Millennium Management LLC increased its position in Canadian Solar by 3,305.5% in the fourth quarter. Millennium Management LLC now owns 963,017 shares of the solar energy provider’s stock worth $13,810,000 after buying an additional 934,739 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Canadian Solar by 5.9% in the first quarter. Goldman Sachs Group Inc. now owns 947,458 shares of the solar energy provider’s stock worth $17,651,000 after buying an additional 52,947 shares in the last quarter. Finally, Vanguard Group Inc increased its position in Canadian Solar by 8.8% in the third quarter. Vanguard Group Inc now owns 790,900 shares of the solar energy provider’s stock worth $11,468,000 after buying an additional 63,923 shares in the last quarter. Institutional investors and hedge funds own 40.70% of the company’s stock.

Canadian Solar Company Profile

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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