Canadian Solar Inc. (NASDAQ:CSIQ) Stock Now Rated “Reduce” by Wall Street Analysts

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have been given an average rating of “Reduce” by the thirteen research firms that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $16.42.

CSIQ has been the subject of a number of research reports. Mizuho reduced their price target on shares of Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, August 28th. UBS Group decreased their price objective on Canadian Solar from $25.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday. Roth Capital set a $15.00 target price on Canadian Solar in a research report on Friday, August 28th. Glj Research reaffirmed a “sell” rating and set a $5.58 target price on shares of Canadian Solar in a research report on Thursday, August 27th. Finally, Wall Street Zen lowered shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, August 29th.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $9.81 on Monday. Canadian Solar has a 52-week low of $9.76 and a 52-week high of $34.59. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.78 and a current ratio of 1.02. The company’s 50 day moving average price is $12.70 and its 200-day moving average price is $14.63. The company has a market capitalization of $666.10 million, a P/E ratio of -2.55 and a beta of 1.53.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly 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). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business posted ($0.53) earnings per share. The business’s revenue was down 28.7% on a year-over-year basis. Equities analysts forecast that Canadian Solar will post -2.93 earnings per share for the current year.

Institutional Trading of Canadian Solar

A number of institutional investors have recently modified their holdings of the business. Counterpoint Mutual Funds LLC bought a new stake in Canadian Solar during the 3rd quarter worth approximately $527,000. TD Waterhouse Canada Inc. increased its holdings in shares of Canadian Solar by 139.2% in the third quarter. TD Waterhouse Canada Inc. now owns 23,200 shares of the solar energy provider’s stock worth $262,000 after purchasing an additional 13,500 shares during the period. Mraz Amerine & Associates Inc. purchased a new stake in shares of Canadian Solar in the second quarter worth $188,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Canadian Solar in the second quarter worth $166,000. Finally, Hsbc Holdings PLC raised its position in shares of Canadian Solar by 170.5% in the second quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock worth $5,220,000 after buying an additional 205,397 shares in the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.