Citigroup Upgrades Canadian Solar (NASDAQ:CSIQ) to Neutral

Key Points

• Citigroup upgraded Canadian Solar from “sell” to “neutral” and kept an $18 price target, implying about 17% upside from the stock’s current level.
• Analyst sentiment remains cautious overall: MarketBeat data shows an average rating of “Hold” with a consensus price target of $19.36, while several other firms have recently issued mixed or bearish ratings.
• Canadian Solar beat quarterly earnings and revenue expectations, reporting a smaller-than-expected loss of $0.71 per share on $1.08 billion in revenue, though revenue still fell 9.9% year over year.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) was upgraded by equities researchers at Citigroup from a "sell" rating to a "neutral" rating in a note issued to investors on Wednesday. The firm presently has a $18.00 target price on the solar energy provider's stock. Citigroup's target price indicates a potential upside of 17.11% from the company's current price.

Several other research firms have also issued reports on CSIQ. Wall Street Zen raised Canadian Solar from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. Weiss Ratings reiterated a "sell (d+)" rating on shares of Canadian Solar in a research note on Friday, March 27th. Freedom Capital lowered shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Wells Fargo & Company lowered their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 8th. Finally, Mizuho lifted their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, June 15th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $19.36.

Canadian Solar Stock Up 1.1%

Canadian Solar stock opened at $15.37 on Wednesday. The company has a market capitalization of $1.04 billion, a PE ratio of -6.10 and a beta of 1.51. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. Canadian Solar has a fifty-two week low of $9.41 and a fifty-two week high of $34.59. The firm has a 50 day moving average price of $16.58 and a 200 day moving average price of $17.33.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping analysts' consensus estimates of ($1.06) by $0.35. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The company had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $950.43 million. During the same period in the prior year, the firm earned ($1.07) earnings per share. The firm's revenue was down 9.9% compared to the same quarter last year. Research analysts expect that Canadian Solar will post -1.81 earnings per share for the current year.

Insider Buying and Selling at Canadian Solar

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total value of $28,610.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The disclosure for this sale is available in the SEC filing. Insiders own 21.50% of the company's stock.

Institutional Trading of Canadian Solar

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in Canadian Solar by 206.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider's stock worth $7,457,000 after acquiring an additional 385,355 shares in the last quarter. UBS Group AG raised its holdings in shares of Canadian Solar by 71.3% in the 4th quarter. UBS Group AG now owns 399,963 shares of the solar energy provider's stock valued at $9,507,000 after purchasing an additional 166,412 shares in the last quarter. Polunin Capital Partners Ltd acquired a new stake in shares of Canadian Solar in the 4th quarter valued at $43,692,000. Hussman Strategic Advisors Inc. purchased a new stake in shares of Canadian Solar during the 4th quarter worth $2,995,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Canadian Solar by 14,259.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 224,011 shares of the solar energy provider's stock valued at $5,325,000 after buying an additional 222,451 shares in the last quarter. Institutional investors and hedge funds 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.

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