Canadian Solar Inc. (CSIQ) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Canadian Solar Inc. (NASDAQ:CSIQ) from a buy rating to a hold rating in a research note released on Tuesday morning.

According to Zacks, “Canadian Solar’s third-quarter 2017 earnings came in line with the Zacks Consensus Estimate, but declined year-over-year. Meanwhile, revenues surpassed the consensus mark and improved year over year. The company also increased its earnings guidance for 2017. Notably, Canadian Solar caters to a geographically diverse customer base spread across both key markets and emerging markets. Therefore, it  is gradually gaining share in Asia, which could soon become a major solar market. Its strong pipeline of projects along with pertinent inorganic strategies will further consolidate its position. However, the company is expected to continue experiencing market dislocation in the near term, which might directly impact its 2017 financial performance. Stiff competition from cheaper alternatives and exposure to foreign exchange risks are added concerns. Shares of Canadian Solar also underperformed the broader industry in the last year.”

CSIQ has been the topic of a number of other reports. Vetr raised Canadian Solar from a buy rating to a strong-buy rating and set a $19.06 price target on the stock in a research report on Thursday, August 10th. BidaskClub cut Canadian Solar from a buy rating to a hold rating in a research report on Saturday, August 19th. FBR & Co reissued a neutral rating and issued a $15.00 price target (up from $13.00) on shares of Canadian Solar in a research report on Tuesday, August 15th. Axiom Securities reaffirmed a buy rating on shares of Canadian Solar in a research report on Saturday, August 26th. Finally, Cowen and Company set a $16.00 price objective on Canadian Solar and gave the company a hold rating in a research report on Monday, August 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $20.01.

Shares of Canadian Solar (CSIQ) opened at $17.79 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.95 and a quick ratio of 0.88. Canadian Solar has a 12-month low of $10.36 and a 12-month high of $19.09. The company has a market capitalization of $1,010.00, a P/E ratio of 83.10, a PEG ratio of 0.69 and a beta of 3.12.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, November 9th. The solar energy provider reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. Canadian Solar had a return on equity of 1.32% and a net margin of 0.84%. The firm had revenue of $912.20 million for the quarter, compared to analysts’ expectations of $812.37 million. During the same period in the previous year, the firm posted $0.27 EPS. The business’s revenue for the quarter was up 38.8% compared to the same quarter last year. research analysts predict that Canadian Solar will post 0.97 earnings per share for the current year.

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A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp raised its stake in Canadian Solar by 6.0% during the 2nd quarter. State Street Corp now owns 21,698 shares of the solar energy provider’s stock valued at $345,000 after buying an additional 1,227 shares during the last quarter. Van ECK Associates Corp raised its stake in Canadian Solar by 2.7% during the 2nd quarter. Van ECK Associates Corp now owns 84,436 shares of the solar energy provider’s stock valued at $1,344,000 after buying an additional 2,217 shares during the last quarter. California Public Employees Retirement System raised its stake in Canadian Solar by 2.1% during the 1st quarter. California Public Employees Retirement System now owns 143,600 shares of the solar energy provider’s stock valued at $1,762,000 after buying an additional 2,900 shares during the last quarter. Northern Trust Corp raised its stake in Canadian Solar by 11.7% during the 2nd quarter. Northern Trust Corp now owns 30,588 shares of the solar energy provider’s stock valued at $487,000 after buying an additional 3,198 shares during the last quarter. Finally, Global X MANAGEMENT CO LLC raised its stake in Canadian Solar by 9.5% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 41,031 shares of the solar energy provider’s stock valued at $691,000 after buying an additional 3,550 shares during the last quarter. Institutional investors and hedge funds own 40.01% of the company’s stock.

About Canadian Solar

Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.

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