Glj Research Reaffirms Sell Rating for Canadian Solar (NASDAQ:CSIQ)

Key Points

• GLJ Research reaffirmed its “sell” rating on Canadian Solar and set a $5.58 price target, implying approximately 59.77% downside from the stock’s $13.87 opening price.
• Analyst sentiment remains cautious: Canadian Solar has an overall “Reduce” rating and an average price target of $18.11, despite some firms recently upgrading the stock to “neutral.”
• The company reported a quarterly loss of $1.40 per share, missing the $0.18 consensus estimate, although revenue of $1.21 billion exceeded expectations; analysts project a full-year loss of $1.81 per share.

Canadian Solar (NASDAQ:CSIQ - Get Free Report)'s stock had its "sell" rating reaffirmed by equities researchers at Glj Research in a research report issued on Thursday,Benzinga reports. They currently have a $5.58 price objective on the solar energy provider's stock. Glj Research's price objective would suggest a potential downside of 59.77% from the company's current price.

CSIQ has been the topic of a number of other reports. Mizuho lifted their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, June 15th. Citigroup upgraded Canadian Solar from a "sell" rating to a "neutral" rating and upped their target price for the stock from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Wall Street Zen raised Canadian Solar from a "strong sell" rating to a "sell" rating in a report on Saturday, May 23rd. Finally, Freedom Capital lowered Canadian Solar from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $18.11.

Canadian Solar Stock Performance

CSIQ opened at $13.87 on Thursday. The firm has a market cap of $941.77 million, a P/E ratio of -5.50 and a beta of 1.52. Canadian Solar has a 52-week low of $9.41 and a 52-week high of $34.59. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The business's fifty day moving average is $15.06 and its 200-day moving average is $16.15.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($1.22). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. Sell-side analysts expect that Canadian Solar will post -1.81 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its position in Canadian Solar by 20.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider's stock worth $4,748,000 after purchasing an additional 92,002 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Canadian Solar by 141.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider's stock valued at $100,000 after purchasing an additional 5,338 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Canadian Solar by 20.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider's stock valued at $9,539,000 after buying an additional 145,867 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Canadian Solar in the second quarter valued at approximately $33,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Canadian Solar during the second quarter worth $790,000. 52.36% of the stock is owned by institutional investors.

About Canadian Solar

Canadian Solar Inc NASDAQ: CSIQ is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world's largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.

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