Canadian Solar (NASDAQ:CSIQ) Trading 11.1% Higher on Analyst Upgrade

Key Points

• Shares of Canadian Solar climbed 11.1% after Goldman Sachs raised their price target from $9.00 to $10.00, despite maintaining a sell rating on the stock.
• The company reported a quarterly EPS of ($0.53), missing analysts' expectations, with revenue at $1.69 billion against an anticipated $1.90 billion.
• Institutional investors have shown increased interest, with IvyRock Asset Management growing its stake by 87.8% in the first quarter.

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) were up 11.1% during mid-day trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $9.00 to $10.00. The Goldman Sachs Group currently has a sell rating on the stock. Canadian Solar traded as high as $15.57 and last traded at $15.88. Approximately 1,006,747 shares traded hands during trading, a decline of 40% from the average daily volume of 1,688,166 shares. The stock had previously closed at $14.29.

A number of other equities analysts have also recently weighed in on CSIQ. UBS Group cut their price target on Canadian Solar from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, September 17th. Citigroup cut their price target on Canadian Solar from $12.50 to $11.00 and set a "neutral" rating for the company in a report on Thursday, August 21st. Wall Street Zen raised Canadian Solar from a "sell" rating to a "hold" rating in a report on Friday, September 26th. JPMorgan Chase & Co. lifted their price objective on Canadian Solar from $7.00 to $8.00 and gave the company an "underweight" rating in a research report on Friday, September 19th. Finally, Zacks Research raised Canadian Solar from a "strong sell" rating to a "hold" rating in a research report on Friday, September 19th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $11.77.

Institutional Investors Weigh In On Canadian Solar

Institutional investors have recently added to or reduced their stakes in the company. IvyRock Asset Management HK Ltd grew its position in Canadian Solar by 87.8% during the first quarter. IvyRock Asset Management HK Ltd now owns 2,607,700 shares of the solar energy provider's stock valued at $22,557,000 after acquiring an additional 1,219,200 shares during the period. Charles Schwab Investment Management Inc. grew its position in Canadian Solar by 38.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 251,204 shares of the solar energy provider's stock valued at $2,173,000 after acquiring an additional 70,412 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in Canadian Solar during the second quarter valued at about $382,000. Aberdeen Group plc grew its position in Canadian Solar by 109.2% during the first quarter. Aberdeen Group plc now owns 97,145 shares of the solar energy provider's stock valued at $840,000 after acquiring an additional 50,714 shares during the period. Finally, Cerity Partners LLC grew its position in Canadian Solar by 52.2% during the first quarter. Cerity Partners LLC now owns 374,966 shares of the solar energy provider's stock valued at $3,243,000 after acquiring an additional 128,669 shares during the period. Hedge funds and other institutional investors own 52.36% of the company's stock.

Canadian Solar Stock Performance

The stock has a 50-day simple moving average of $11.94 and a 200-day simple moving average of $10.87. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.09 and a quick ratio of 0.87. The stock has a market cap of $1.07 billion, a PE ratio of -26.71 and a beta of 1.28.

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

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.

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