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

Key Points

• Canadian Solar has been downgraded from a "hold" rating to a "strong sell" by Zacks Research, indicating a significant negative outlook for the stock.
• Analysts have mixed views on Canadian Solar, with recent target price adjustments ranging from $8.00 to $12.50, reflecting uncertainty among equity research analysts.
• The company reported a loss of $0.53 earnings per share last quarter, falling significantly short of analyst estimates, while revenue increased year-over-year.

Zacks Research cut shares of Canadian Solar (NASDAQ:CSIQ - Free Report) from a hold rating to a strong sell rating in a research report released on Thursday morning,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a research report on Friday, May 16th. Wall Street Zen downgraded Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Wells Fargo & Company raised their price target on Canadian Solar from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Friday, May 16th. Roth Capital set a $11.00 price objective on Canadian Solar and gave the stock a "neutral" rating in a research report on Friday, May 16th. Finally, Mizuho cut their target price on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, August 22nd. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $11.86.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ traded down $1.05 during mid-day trading on Thursday, hitting $10.34. 2,217,568 shares of the stock were exchanged, compared to its average volume of 1,634,201. Canadian Solar has a twelve month low of $6.57 and a twelve month high of $19.55. The stock's fifty day simple moving average is $11.98 and its two-hundred day simple moving average is $10.49. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.87 and a current ratio of 1.09. The company has a market cap of $692.47 million, a P/E ratio of -17.23 and a beta of 1.35.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results on Thursday, August 21st. The solar energy provider reported ($0.53) earnings per share for the quarter, missing analysts' consensus estimates of $0.76 by ($1.29). The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.90 billion. Canadian Solar had a negative net margin of 0.12% and a negative return on equity of 4.97%. The company's revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.02 earnings per share. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, analysts forecast that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new position in shares of Canadian Solar during the 2nd quarter valued at about $33,000. Caitong International Asset Management Co. Ltd bought a new position in Canadian Solar in the first quarter valued at approximately $39,000. Wells Fargo & Company MN increased its position in shares of Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after acquiring an additional 3,347 shares in the last quarter. Summit Securities Group LLC raised its holdings in shares of Canadian Solar by 598.5% during the first quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider's stock worth $61,000 after acquiring an additional 6,015 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its position in Canadian Solar by 38.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider's stock valued at $89,000 after acquiring an additional 2,254 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.