Canadian Solar (NASDAQ:CSIQ) Upgraded at Citigroup

Canadian Solar (NASDAQ:CSIQ) was upgraded by equities research analysts at Citigroup from a “sell” rating to a “neutral” rating in a research note issued on Thursday,Benzinga reports. The brokerage presently has a $8.00 price objective on the solar energy provider’s stock. Citigroup’s price objective would indicate a potential upside of 11.42% from the stock’s previous close.

Several other research firms have also commented on CSIQ. Wells Fargo & Company dropped their target price on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. The Goldman Sachs Group dropped their price objective on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research note on Wednesday, March 26th. Finally, StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Canadian Solar currently has a consensus rating of “Hold” and an average target price of $17.54.

Canadian Solar Price Performance

Canadian Solar stock opened at $7.18 on Thursday. The stock has a market capitalization of $475.02 million, a P/E ratio of -59.83, a P/E/G ratio of 0.74 and a beta of 1.33. Canadian Solar has a 12-month low of $6.57 and a 12-month high of $21.05. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The firm’s 50-day moving average is $9.47 and its two-hundred day moving average is $11.39.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.26). The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.02) EPS. Equities analysts predict that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Trading of Canadian Solar

Institutional investors have recently added to or reduced their stakes in the business. USCF Advisers LLC raised its position in Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 1,000 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after buying an additional 3,347 shares during the period. Shell Asset Management Co. lifted its position in Canadian Solar by 11.4% during the 4th quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock worth $450,000 after acquiring an additional 4,134 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in Canadian Solar by 6.7% in the 4th quarter. NewEdge Advisors LLC now owns 75,481 shares of the solar energy provider’s stock worth $839,000 after acquiring an additional 4,717 shares during the period. Finally, Sanctuary Advisors LLC grew its position in Canadian Solar by 37.1% in the third quarter. Sanctuary Advisors LLC now owns 31,029 shares of the solar energy provider’s stock valued at $520,000 after acquiring an additional 8,404 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.