Canadian Solar (NASDAQ:CSIQ) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen lowered shares of Canadian Solar (NASDAQ:CSIQ) from a sell rating to a strong sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also weighed in on CSIQ. Weiss Ratings lowered Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday. Glj Research reissued a “sell” rating and set a $5.58 price target on shares of Canadian Solar in a research note on Thursday, August 27th. Roth Capital set a $15.00 price target on Canadian Solar in a report on Friday. Citigroup lowered their price objective on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $17.75.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $12.33 on Friday. Canadian Solar has a one year low of $9.41 and a one year high of $34.59. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The company has a market cap of $837.21 million, a price-to-earnings ratio of -3.21 and a beta of 1.52. The firm has a 50 day simple moving average of $14.88 and a 200 day simple moving average of $15.98.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%.The business’s quarterly revenue was down 28.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.53) EPS. Research analysts predict that Canadian Solar will post -2.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System acquired a new stake in shares of Canadian Solar during the second quarter worth $173,000. Susquehanna Fundamental Investments LLC acquired a new position in Canadian Solar in the second quarter valued at $166,000. Hsbc Holdings PLC boosted its position in Canadian Solar by 170.5% during the second quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock valued at $5,220,000 after acquiring an additional 205,397 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Canadian Solar during the 2nd quarter worth about $1,018,259,000. Finally, Kingsview Wealth Management LLC acquired a new stake in Canadian Solar during the 2nd quarter worth about $357,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.