Canadian Solar (NASDAQ:CSIQ) Raised to Neutral at Citigroup

Citigroup upgraded shares of Canadian Solar (NASDAQ:CSIQ - Free Report) from a sell rating to a neutral rating in a research note published on Thursday morning, MarketBeat reports. They currently have $8.00 price objective on the solar energy provider's stock.

Other equities research analysts have also issued research reports about the stock. StockNews.com lowered shares of Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Wells Fargo & Company cut their price target on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, January 8th. Finally, The Goldman Sachs Group dropped their target price on shares of Canadian Solar from $11.00 to $9.00 and set a "sell" rating for the company in a report on Wednesday, March 26th. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $17.54.

Canadian Solar Stock Performance

Shares of NASDAQ CSIQ traded up $0.34 during mid-day trading on Thursday, hitting $7.66. The company had a trading volume of 1,555,898 shares, compared to its average volume of 1,871,821. The stock's 50-day moving average price is $9.32 and its 200-day moving average price is $11.15. The company has a market capitalization of $506.71 million, a price-to-earnings ratio of -63.83, a P/E/G ratio of 0.74 and a beta of 1.33. Canadian Solar has a 1 year low of $6.57 and a 1 year high of $21.05. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($1.26). Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.57 billion. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. The company's revenue was down 1.8% compared to the same quarter last year. On average, sell-side analysts forecast that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp lifted its position in Canadian Solar by 6.9% in the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider's stock valued at $61,422,000 after purchasing an additional 357,900 shares during the period. Vanguard Group Inc. increased its position in Canadian Solar by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider's stock worth $22,544,000 after purchasing an additional 23,355 shares during the last quarter. Shah Capital Management boosted its position in shares of Canadian Solar by 825.6% in the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider's stock worth $19,410,000 after buying an additional 1,556,964 shares during the period. IvyRock Asset Management HK Ltd purchased a new position in Canadian Solar in the 4th quarter worth approximately $15,440,000. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in Canadian Solar during the 4th quarter valued at $7,738,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.