Roth Capital Downgrades Canadian Solar (NASDAQ:CSIQ) to Neutral

Roth Capital cut shares of Canadian Solar (NASDAQ:CSIQ - Free Report) from a buy rating to a neutral rating in a research note issued to investors on Friday morning, Marketbeat Ratings reports. Roth Capital currently has $9.00 target price on the solar energy provider's stock.

Several other equities analysts have also issued reports on CSIQ. StockNews.com lowered shares of Canadian Solar from a "hold" rating to a "sell" rating in a report on Friday, January 31st. The Goldman Sachs Group dropped their target price on Canadian Solar from $11.00 to $9.00 and set a "sell" rating on the stock in a report on Wednesday, March 26th. Wells Fargo & Company reduced their price target on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, January 8th. Finally, Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price target on the stock in a research note on Thursday, April 17th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Solar currently has an average rating of "Hold" and an average price target of $16.77.

Canadian Solar Stock Performance

Shares of Canadian Solar stock traded down $1.33 during mid-day trading on Friday, hitting $9.82. 4,681,685 shares of the stock were exchanged, compared to its average volume of 1,937,049. 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 quick ratio of 0.85 and a current ratio of 1.06. The company has a market capitalization of $649.68 million, a P/E ratio of -81.83, a P/E/G ratio of 0.74 and a beta of 1.33. The company has a 50-day simple moving average of $9.18 and a 200 day simple moving average of $10.94.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data 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). Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the prior year, the firm posted ($0.02) earnings per share. The business's revenue was down 1.8% on a year-over-year basis. Sell-side analysts anticipate that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

Institutional investors have recently made changes to their positions in the business. Shah Capital Management increased its holdings in Canadian Solar by 825.6% in the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider's stock worth $19,410,000 after buying an additional 1,556,964 shares during the period. IvyRock Asset Management HK Ltd acquired a new stake in shares of Canadian Solar in the fourth quarter worth $15,440,000. Greenwoods Asset Management Hong Kong Ltd. purchased a new position in shares of Canadian Solar during the fourth quarter worth $7,738,000. Mackenzie Financial Corp lifted its position in Canadian Solar by 6.9% during the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider's stock valued at $61,422,000 after purchasing an additional 357,900 shares during the period. Finally, Robotti Robert boosted its holdings in Canadian Solar by 55.2% in the fourth quarter. Robotti Robert now owns 487,880 shares of the solar energy provider's stock valued at $5,425,000 after purchasing an additional 173,499 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company's stock.

About Canadian Solar

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.