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

Canadian Solar Inc. (NASDAQ:CSIQ) was up 8.3% during mid-day trading on Monday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $12.79 and last traded at $12.67. Approximately 832,129 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 1,671,456 shares. The stock had previously closed at $11.70.

A number of other brokerages have also issued reports on CSIQ. UBS Group dropped their price objective on shares of Canadian Solar from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, September 17th. Citigroup lowered their price target on shares of Canadian Solar from $12.50 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 21st. Wells Fargo & Company lowered their price target on shares of Canadian Solar from $11.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, September 3rd. Wall Street Zen lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Saturday, August 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Canadian Solar from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Friday, September 19th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.64.

Institutional Trading of Canadian Solar

Several hedge funds have recently bought and sold shares of the business. CANADA LIFE ASSURANCE Co grew 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 purchasing an additional 2,254 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Canadian Solar in the 2nd quarter valued at $790,000. Raymond James Financial Inc. acquired a new stake in Canadian Solar in the 2nd quarter valued at $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Canadian Solar by 20.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock valued at $9,539,000 after purchasing an additional 145,867 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Canadian Solar by 141.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock worth $100,000 after acquiring an additional 5,338 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Stock Down 2.8%

The company has a current ratio of 1.09, a quick ratio of 0.87 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $828.42 million, a PE ratio of -20.62 and a beta of 1.16. The stock’s fifty day simple moving average is $11.62 and its 200-day simple moving average is $10.55.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data 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). The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Canadian Solar had a negative return on equity of 4.97% and a negative net margin of 0.12%.Canadian Solar’s revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.02 earnings per share. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, sell-side analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Canadian Solar Company Profile

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.