Canadian Solar (NASDAQ:CSIQ) Cut to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Canadian Solar (NASDAQ:CSIQ) from a "hold" to a "strong sell" in a client research note issued Monday.
• Analyst opinions are mixed—Oppenheimer, Roth MKM and Mizuho cut price targets while Weiss reaffirmed a sell and Freedom Capital upgraded to strong-buy; MarketBeat's consensus remains a Hold with an average price target of $18.36.
• CSIQ opened at $13.20, trading below its 200-day SMA and well under its 1-year high; the company reported a ($1.66) EPS last quarter, has negative margins and ROE, and analysts forecast -0.23 EPS for the current year.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "strong sell" rating in a research report issued to clients and investors on Monday.

A number of other brokerages also recently weighed in on CSIQ. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Canadian Solar in a research note on Friday, March 27th. Oppenheimer dropped their target price on Canadian Solar from $38.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, March 20th. Freedom Capital upgraded Canadian Solar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 24th. Roth Mkm dropped their target price on Canadian Solar from $30.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday, March 23rd. Finally, Mizuho dropped their target price on Canadian Solar from $19.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday, March 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $18.36.

Canadian Solar Price Performance

CSIQ stock opened at $13.20 on Monday. The stock's fifty day simple moving average is $16.38 and its two-hundred day simple moving average is $19.90. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97. Canadian Solar has a 1-year low of $6.96 and a 1-year high of $34.59. The stock has a market cap of $895.09 million, a P/E ratio of -5.28 and a beta of 1.37.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings data on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share for the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. The firm had revenue of $1.22 billion for the quarter. Analysts expect that Canadian Solar will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Large investors have recently modified their holdings of the stock. Polunin Capital Partners Ltd purchased a new stake in shares of Canadian Solar in the fourth quarter worth $43,692,000. Two Sigma Investments LP bought a new stake in shares of Canadian Solar during the third quarter valued at approximately $11,544,000. JPMorgan Chase & Co. raised its position in shares of Canadian Solar by 206.6% during the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider's stock valued at $7,457,000 after buying an additional 385,355 shares during the last quarter. Tudor Investment Corp ET AL bought a new stake in shares of Canadian Solar during the third quarter valued at approximately $5,008,000. Finally, Deutsche Bank AG bought a new stake in shares of Canadian Solar during the fourth quarter valued at approximately $9,003,000. Hedge funds and other institutional investors own 52.36% of the company's stock.

Canadian Solar Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.