Canadian Solar (NASDAQ:CSIQ) Trading Up 8.3% Following Analyst Upgrade

Key Points

• Canadian Solar's stock price rose 8.3% after an upgrade from JPMorgan Chase, raising their price target from $7.00 to $8.00, although the rating remains underweight.
• The company's latest earning report revealed a loss of $0.53 EPS, missing consensus estimates by $1.29, despite a revenue of $1.69 billion, reflecting a 3.6% year-over-year increase.
• Analysts currently have a consensus rating of "Hold" for Canadian Solar, with price targets ranging from $10.00 to $17.00, indicating mixed expectations for the stock's future performance.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price traded up 8.3% during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $7.00 to $8.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Canadian Solar traded as high as $12.79 and last traded at $12.67. 832,129 shares changed hands during trading, a decline of 50% from the average session volume of 1,671,456 shares. The stock had previously closed at $11.70.

Several other equities research analysts have also recently commented on the company. Wells Fargo & Company dropped their target price on Canadian Solar from $11.00 to $10.00 and set an "equal weight" rating on the stock in a report on Wednesday, September 3rd. Citigroup dropped their target price on Canadian Solar from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, August 21st. Wall Street Zen cut Canadian Solar from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. UBS Group dropped their price target on Canadian Solar from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, September 17th. Finally, Mizuho dropped their price target on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, August 22nd. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $11.64.

Institutional Investors Weigh In On Canadian Solar

A number of large investors have recently bought and sold shares of the business. IvyRock Asset Management HK Ltd lifted its position in Canadian Solar by 87.8% during the 1st quarter. IvyRock Asset Management HK Ltd now owns 2,607,700 shares of the solar energy provider's stock worth $22,557,000 after acquiring an additional 1,219,200 shares during the last quarter. Greenwoods Asset Management Hong Kong Ltd. lifted its position in Canadian Solar by 60.4% during the 1st quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,115,861 shares of the solar energy provider's stock worth $9,652,000 after acquiring an additional 420,000 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Canadian Solar by 7.4% during the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider's stock valued at $64,969,000 after buying an additional 405,800 shares during the last quarter. Legal & General Group Plc raised its position in shares of Canadian Solar by 21.7% during the second quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider's stock valued at $20,039,000 after buying an additional 324,254 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Canadian Solar by 15.5% during the first quarter. Invesco Ltd. now owns 2,311,596 shares of the solar energy provider's stock valued at $19,995,000 after buying an additional 310,564 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Price Performance

The stock's 50-day moving average price is $11.63 and its 200 day moving average price is $10.54. The firm has a market cap of $852.53 million, a price-to-earnings ratio of -21.22 and a beta of 1.16. The company has a quick ratio of 0.87, a current ratio of 1.09 and a debt-to-equity ratio of 0.98.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings data on Thursday, August 21st. The solar energy provider reported ($0.53) EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($1.29). The company 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 firm's quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.02 EPS. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities research analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current 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.