Canadian Solar Inc. (NASDAQ:CSIQ) Receives Buy Rating from Axiom Securities

Axiom Securities reaffirmed their buy rating on shares of Canadian Solar Inc. (NASDAQ:CSIQ) in a research report released on Saturday, July 22nd.

Several other analysts also recently issued reports on the stock. Cowen and Company set a $13.00 price objective on shares of Canadian Solar and gave the stock a hold rating in a research note on Monday, July 10th. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and set a $31.00 target price on shares of Canadian Solar in a research report on Thursday, April 20th. Finally, ValuEngine lowered shares of Canadian Solar from a buy rating to a hold rating in a research report on Friday, June 2nd. Ten research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Canadian Solar has a consensus rating of Hold and an average price target of $17.46.

Shares of Canadian Solar (CSIQ) traded up 1.40% during mid-day trading on Friday, hitting $16.63. The company had a trading volume of 1,007,123 shares. The company’s 50-day moving average is $16.57 and its 200 day moving average is $14.08. Canadian Solar has a one year low of $10.25 and a one year high of $18.12. The company has a market capitalization of $963.66 million, a PE ratio of 39.41 and a beta of 3.09.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Monday, August 14th. The solar energy provider reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.01. The business had revenue of $692.37 million during the quarter, compared to the consensus estimate of $631.05 million. Canadian Solar had a net margin of 1.01% and a return on equity of 1.71%. The firm’s quarterly revenue was down 14.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.68 earnings per share. On average, equities research analysts forecast that Canadian Solar will post $1.56 EPS for the current fiscal year.

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A number of institutional investors have recently modified their holdings of CSIQ. Pacad Investment Ltd. acquired a new position in shares of Canadian Solar during the second quarter valued at about $115,000. Legal & General Group Plc raised its position in Canadian Solar by 111.1% in the second quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock valued at $124,000 after buying an additional 4,100 shares in the last quarter. Wedbush Securities Inc. purchased a new position in Canadian Solar during the first quarter valued at about $189,000. Raymond James Financial Services Advisors Inc. raised its position in Canadian Solar by 20.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 18,614 shares of the solar energy provider’s stock valued at $228,000 after buying an additional 3,100 shares in the last quarter. Finally, Trellus Management Company LLC purchased a new position in Canadian Solar during the first quarter valued at about $245,000. 34.97% of the stock is currently owned by institutional investors.

About Canadian Solar

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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