Canadian Solar (NASDAQ:CSIQ) Stock Rating Upgraded by Citigroup

Citigroup upgraded shares of Canadian Solar (NASDAQ:CSIQ - Free Report) from a sell rating to a neutral rating in a research note published on Thursday morning, Marketbeat reports. The brokerage currently has $8.00 price target on the solar energy provider's stock.

A number of other brokerages have also recently issued reports on CSIQ. Wells Fargo & Company reduced their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, January 8th. The Goldman Sachs Group lowered their price target on Canadian Solar from $11.00 to $9.00 and set a "sell" rating for the company in a research report on Wednesday, March 26th. Finally, StockNews.com lowered shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $17.54.

Canadian Solar Trading Up 3.9 %

CSIQ traded up $0.28 during trading on Thursday, reaching $7.46. 1,241,125 shares of the stock traded hands, compared to its average volume of 1,876,434. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The stock's 50-day moving average is $9.37 and its 200 day moving average is $11.24. Canadian Solar has a 12 month low of $6.57 and a 12 month high of $21.05. The stock has a market capitalization of $493.55 million, a PE ratio of -62.17, a P/E/G ratio of 0.74 and a beta of 1.33.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) EPS for the quarter, missing the consensus estimate of ($0.21) by ($1.26). Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period in the prior year, the business earned ($0.02) EPS. The company's revenue for the quarter was down 1.8% on a year-over-year basis. Equities analysts anticipate that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in Canadian Solar by 59.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider's stock worth $2,010,000 after purchasing an additional 67,331 shares during the period. Shah Capital Management boosted 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. Barclays PLC grew its stake in Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider's stock valued at $1,932,000 after buying an additional 95,924 shares in the last quarter. Waterfront Wealth Inc. raised its holdings in Canadian Solar by 16.9% during the 4th quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider's stock valued at $2,059,000 after acquiring an additional 26,778 shares during the period. Finally, Greenwoods Asset Management Hong Kong Ltd. purchased a new stake in shares of Canadian Solar during the fourth quarter worth $7,738,000. Hedge funds and other institutional investors own 52.36% of the company's stock.

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.