Roth Capital upgraded shares of Canadian Solar Inc. (NASDAQ:CSIQ) from a neutral rating to a buy rating in a research report sent to investors on Friday morning. Roth Capital currently has $24.00 price objective on the solar energy provider’s stock.
CSIQ has been the subject of several other reports. Axiom Securities reaffirmed a buy rating on shares of Canadian Solar in a report on Saturday, July 22nd. Zacks Investment Research downgraded Canadian Solar from a strong-buy rating to a hold rating in a report on Monday, August 28th. Vetr raised 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 reaffirmed a hold rating and set a $17.00 target price on shares of Canadian Solar in a report on Sunday, October 22nd. Finally, BidaskClub downgraded Canadian Solar from a buy rating to a hold rating in a report on Saturday, August 19th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $19.01.
Shares of Canadian Solar (CSIQ) traded up $0.94 during mid-day trading on Friday, reaching $17.78. The company had a trading volume of 3,177,700 shares, compared to its average volume of 1,265,949. Canadian Solar has a fifty-two week low of $10.36 and a fifty-two week high of $19.09. The company has a market capitalization of $976.77, a PE ratio of 80.19, a P/E/G ratio of 0.82 and a beta of 3.12. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.95 and a quick ratio of 0.88.
Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, November 9th. The solar energy provider reported $0.22 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.22. Canadian Solar had a return on equity of 5.63% and a net margin of 0.73%. The business had revenue of $912.20 million during the quarter, compared to analysts’ expectations of $812.37 million. During the same quarter last year, the business posted $0.27 earnings per share. The company’s quarterly revenue was up 38.8% on a year-over-year basis. sell-side analysts expect that Canadian Solar will post 1.11 EPS for the current year.
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Institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. purchased a new stake in Canadian Solar in the 2nd quarter worth about $115,000. Legal & General Group Plc lifted its stake in Canadian Solar by 111.1% in the 2nd quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock worth $124,000 after acquiring an additional 4,100 shares in the last quarter. Paloma Partners Management Co purchased a new stake in Canadian Solar in the 1st quarter worth about $303,000. Columbus Circle Investors purchased a new stake in Canadian Solar in the 2nd quarter worth about $318,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Canadian Solar in the 2nd quarter worth about $323,000. 40.12% of the stock is owned by hedge funds and other institutional investors.
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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