Zacks Investment Research upgraded shares of Canadian Solar (NASDAQ:CSIQ) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. The firm currently has $21.00 target price on the solar energy provider’s stock.

According to Zacks, “Canadian Solar company caters to a geographically diverse customer base, spread across both key markets and emerging markets. Of late, the company has further expanded its global late-stage project pipeline into nations like Argentina, Australia and South Korea, considering these to be markets for the next phase of industrial growth. Canadian Solar has a strong pipeline of projects, and carries out various acquisitions and strategies to further consolidate its position. Furthermore, shares of the company outperformed the industry in the past year. However, the recent policy change in China is anticipated to be detrimental for international solar stocks like Canadian Solar, as it has increased commitments to ship modules and construct new projects in China. As of Feb 28, 2019, Canadian Solar had $1.96 billion of total debt, increasing its vulnerability to adverse economic or industry conditions.”

Other equities research analysts also recently issued reports about the company. Cascend Securities upgraded Canadian Solar from a hold rating to a buy rating in a report on Tuesday, December 18th. BidaskClub downgraded Canadian Solar from a strong-buy rating to a buy rating in a report on Thursday, December 27th. ValuEngine upgraded Canadian Solar from a hold rating to a buy rating in a report on Saturday, February 23rd. Goldman Sachs Group upgraded Canadian Solar from a neutral rating to a buy rating and increased their price target for the stock from $14.00 to $19.00 in a report on Thursday, January 3rd. Finally, Standpoint Research downgraded Canadian Solar from a buy rating to a hold rating in a report on Friday, March 1st. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Canadian Solar currently has an average rating of Buy and a consensus price target of $21.50.

Shares of NASDAQ CSIQ traded down $0.31 during midday trading on Wednesday, hitting $18.50. The company’s stock had a trading volume of 3,910 shares, compared to its average volume of 1,170,316. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.95 and a current ratio of 1.04. Canadian Solar has a 12-month low of $11.37 and a 12-month high of $25.89. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 5.66, a PEG ratio of 0.25 and a beta of 2.44.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, March 21st. The solar energy provider reported $1.61 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.74. Canadian Solar had a return on equity of 18.40% and a net margin of 6.33%. The firm had revenue of $901.00 million for the quarter, compared to the consensus estimate of $872.02 million. During the same period in the prior year, the business posted $1.01 earnings per share. The company’s revenue for the quarter was down 18.7% on a year-over-year basis. Sell-side analysts predict that Canadian Solar will post 2.41 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley increased its holdings in Canadian Solar by 8.8% during the 3rd quarter. Morgan Stanley now owns 1,494,629 shares of the solar energy provider’s stock worth $21,673,000 after purchasing an additional 120,938 shares during the period. Man Group plc purchased a new position in Canadian Solar during the 3rd quarter worth $1,011,000. Vanguard Group Inc increased its holdings in Canadian Solar by 8.8% during the 3rd quarter. Vanguard Group Inc now owns 790,900 shares of the solar energy provider’s stock worth $11,468,000 after purchasing an additional 63,923 shares during the period. Eqis Capital Management Inc. purchased a new position in Canadian Solar during the 4th quarter worth $609,000. Finally, We Are One Seven LLC purchased a new position in Canadian Solar during the 4th quarter worth $120,000. Institutional investors own 39.80% 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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