Canadian Solar (NASDAQ:CSIQ) Downgraded by Zacks Research to Strong Sell

Key Points

• Zacks Research downgraded Canadian Solar to “strong sell” from “hold,” while other analysts have also lowered ratings or price targets. The stock has a consensus “Reduce” rating and an average target price of $16.42.
• Shares fell 7.2% to $9.81, near the company’s 52-week low of $9.76, with the stock trading well below its 50-day and 200-day moving averages.
• Canadian Solar reported a quarterly loss of $1.40 per share, missing estimates by $1.22, while revenue declined 28.7% year over year. Analysts expect a full-year loss of $2.93 per share.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Thursday, Zacks reports.

CSIQ has been the subject of a number of other reports. Wells Fargo & Company reduced their target price on shares of Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating for the company in a research note on Monday, August 31st. Wall Street Zen downgraded Canadian Solar from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 29th. Weiss Ratings lowered Canadian Solar from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 27th. Roth Capital set a $15.00 price target on Canadian Solar in a report on Friday, August 28th. Finally, UBS Group reduced their price objective on Canadian Solar from $25.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $16.42.

Canadian Solar Trading Down 7.2%

NASDAQ CSIQ traded down $0.76 during trading on Thursday, reaching $9.81. 2,654,919 shares of the stock traded hands, compared to its average volume of 1,729,968. Canadian Solar has a fifty-two week low of $9.76 and a fifty-two week high of $34.59. The company has a quick ratio of 0.78, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The firm has a market cap of $666.10 million, a price-to-earnings ratio of -2.55 and a beta of 1.53. The stock's 50-day moving average price is $12.70 and its 200 day moving average price is $14.61.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced 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 firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the business earned ($0.53) earnings per share. The company's revenue for the quarter was down 28.7% compared to the same quarter last year. Analysts predict that Canadian Solar will post -2.93 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. TD Waterhouse Canada Inc. lifted its holdings in shares of Canadian Solar by 139.2% during the third quarter. TD Waterhouse Canada Inc. now owns 23,200 shares of the solar energy provider's stock worth $262,000 after buying an additional 13,500 shares in the last quarter. Mraz Amerine & Associates Inc. bought a new stake in shares of Canadian Solar in the second quarter valued at approximately $188,000. Susquehanna Fundamental Investments LLC acquired a new position in Canadian Solar in the 2nd quarter valued at $166,000. Hsbc Holdings PLC increased 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 purchasing an additional 205,397 shares during the period. Finally, Wellington Management Group LLP acquired a new position in Canadian Solar in the second quarter valued at about $1,018,259,000. Institutional investors and hedge funds own 52.36% of the company's stock.

Canadian Solar Company Profile

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.

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