Canadian Solar (NASDAQ:CSIQ) Stock Rating Reaffirmed by Cascend Securities

Cascend Securities reiterated their buy rating on shares of Canadian Solar (NASDAQ:CSIQ) in a research report sent to investors on Friday morning, Briefing.com Automated Import reports. The brokerage currently has a $30.00 target price on the solar energy provider’s stock, up from their previous target price of $25.00.

CSIQ has been the topic of a number of other research reports. ValuEngine cut Canadian Solar from a hold rating to a sell rating in a research note on Thursday, August 1st. Zacks Investment Research raised Canadian Solar from a hold rating to a buy rating and set a $24.00 target price on the stock in a research note on Thursday, June 20th. BidaskClub raised Canadian Solar from a hold rating to a buy rating in a research note on Saturday, August 3rd. Finally, JPMorgan Chase & Co. set a $25.00 target price on Canadian Solar and gave the company a hold rating in a research note on Friday, June 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. Canadian Solar currently has an average rating of Hold and an average target price of $24.29.

Shares of CSIQ traded up $0.31 during mid-day trading on Friday, reaching $23.39. 1,583,000 shares of the company’s stock traded hands, compared to its average volume of 516,321. The stock has a market cap of $1.39 billion, a P/E ratio of 7.13, a P/E/G ratio of 0.26 and a beta of 2.22. The stock’s 50-day moving average is $21.40 and its two-hundred day moving average is $20.77. Canadian Solar has a 12 month low of $12.69 and a 12 month high of $25.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.88.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, August 15th. The solar energy provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.54. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $990.29 million. Canadian Solar had a return on equity of 12.92% and a net margin of 6.29%. The company’s quarterly revenue was up 59.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Research analysts predict that Canadian Solar will post 2.45 earnings per share for the current year.

A number of large investors have recently made changes to their positions in CSIQ. Financial Gravity Wealth Inc. bought a new position in Canadian Solar in the first quarter worth approximately $26,000. Bank of Montreal Can grew its stake in Canadian Solar by 59.4% in the second quarter. Bank of Montreal Can now owns 2,951 shares of the solar energy provider’s stock worth $65,000 after purchasing an additional 1,100 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Canadian Solar in the second quarter worth approximately $68,000. C M Bidwell & Associates Ltd. grew its stake in Canadian Solar by 30.0% in the second quarter. C M Bidwell & Associates Ltd. now owns 4,530 shares of the solar energy provider’s stock worth $99,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Advisor Group Inc. grew its stake in Canadian Solar by 14.7% in the second quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock worth $107,000 after purchasing an additional 629 shares in the last quarter. 41.10% of the stock is currently owned by institutional investors.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

Read More: Technical Analysis of Stocks, How Can It Help

Analyst Recommendations for Canadian Solar (NASDAQ:CSIQ)

Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit