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Canadian Solar [CSIQ] Stock Gets a Downgrade from Goldman Sachs. It’s Now Neutral

Goldman Sachs took its Canadian Solar [CSIQ] rating to the equivalent of Neutral from Buy, and the ‎price target to $48, in a research note dated 2021-01-05. Meanwhile, Cascend Securities had raised its ‎rating on CSIQ to “Buy” from the earlier “Hold”, in a research note produced for clients February 20, ‎‎2019. In addition, there was no change from Cascend Securities on February 20, 2019. The rater ‎maintained CSIQ to “a Buy” but assigned new target price of $27.

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Is Canadian Solar Inc. [NASDAQ:CSIQ] a Good Buy Right ‎Now?

It should be noted that CSIQ technical indicators for short, intermediate as well as long ‎term progress have placed an overall average of 100% as Buy. The average signal changed from 100% ‎Buy in the last week and compares with 100% Buy in the past month. Data from Canadian Solar Inc.’s ‎Trend Spotter indicated that the signals were Strengthening. The stock current average is 2.28 million ‎shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, ‎the average trading volume was 2.38 million shares while the medium term average advocated for ‎‎100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at ‎‎2.47 million shares.

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CSIQ Price Performance

On Wall Street, Canadian Solar Inc. ‎‎[NASDAQ:CSIQ] finished Monday’s session up 2.73% at $52.64. The stock went up to $54.14 at the ‎same session while its lowest single day price was $51.83. In the last five days, it saw a fall of about -‎‎0.13%, Canadian Solar Inc. shares gained by almost 2.73% since the beginning of the year. However, ‎the share price has dropped to as low as -6.70% below its one year high. On 01/04/21, the company ‎shares recorded $54.14, the highest single-day price it has got to in the last 52-weeks and a 52-week ‎low was seen on 01/04/21, the same year at $51.83. The company’s shares have inclined by 141.47% in ‎the past year. The 50-day SMA achieved is $41.77 while the 200-day SMA is $28.14. Volume gained to ‎‎1.79 million from 1.41 million in the previous session.

Canadian Solar Inc. [CSIQ] Valuation ‎Measures

Notably, Canadian Solar Inc. [CSIQ] stock can be classified as a good candidate in the ‎listing of underestimated low-priced Solar companies to purchase soonest possible with the prevailing ‎‎12-month PE ratio of 15.14. The measure means the stock is exchanging at a discount as compared to ‎the 32.48x trailing earnings of the industry. It can be helpful for investors to consider historical price-‎sales ratio, more specifically, a 0.92 PS value ratio is reported for the last one year of reported ‎earnings. That is lower than the industry average of 2.63 which means CSIQ serve an attractive ‎investment opportunity compared to its competitors.

CSIQ Stock Support And Resistance ‎Levels

On the 24-hour scale, the immediate backing is perceived around 51.60 level, and in case ‎of violation of this particular level, it will cause more drop to 50.56 level. On the upper level, 55.18 is still ‎the key resistance. The stock may increase to the subsequent resistance at 53.91. The Relative ‎Strength Index (RSI) pinned on the 14-day chart is 68.73, implying a neutral technical stance while the ‎MACD stands at 3.50, meaning price will increase in the next trading period. Percent R indicator moved ‎to 20.21%, implying bullish price movement. Stochastic %K at 75.27% suggest selling the ‎stock.

What is the short interest in Canadian Solar Inc.?

Short interest in the Canadian Solar ‎Inc. stock has surged, increasing by 50000.0 shares to total 5.15 million shares on Dec 14, 2020. The ‎interest had seen shares on Nov 12, 2020 stand at 5.2 million, data from Yahoo Finance shows. The ‎decrease of -0.97% suggests the stock saw some decreased bullish sentiment. The stock’s days to ‎cover (short ratio) moved to while the shorted shares account for just 11.43% of the overall float for ‎the stock.

Canadian Solar Inc.’s Biggest Shareholders: Who Owns Canadian Solar Inc. ‎‎[CSIQ]?

Filings by Invesco Capital Management LLC showed that the firm now holds a total of ‎‎2,285,761 shares or roughly 3.85% of the outstanding CSIQ shares. This means their shares have ‎increased by 257,235 from the 2,285,761 the investor reportedly held in its prior 13-F filing. With the ‎conclusion of the purchase, BlackRock Advisors updated stake is worth $66,712,442. Details in the ‎latest 13F filings reveal that The Vanguard Group, Inc. disposed off their -3.08% stake valued at ‎‎$63,279,797 while Morgan Stanley & Co. LLC added theirs at $62,127,244. During the last quarter, The ‎Vanguard Group, Inc. liquidated -47,065 of its shares in Canadian Solar Inc. while Morgan Stanley & Co. ‎LLC bought 751,758 shares. The Norges Bank Investment Management’s holdings currently number ‎‎1,194,822 shares at $62895430.08. According to the firm’s last 13F report, BlackRock Fund Advisors ‎shares in the company at filing stood at 1,151,796 shares, roughly $49,250,797.

CSIQ Earnings ‎Forecast For The Current Quarter

Canadian Solar Inc. [CSIQ] is expected to report weak earnings ‎results for the quarter ending on Dec 2020. Consensus estimates give the company expected ‎revenues of $997.88M and an earnings per share of -$0.58 for Dec 2020. Looking further ahead, the ‎company is expected to report revenue of $975.16M at an EPS of -$0.51 for Mar 2021. The estimates ‎represent upside of 43.60% and 19.63% in the company’s revenue and earnings per share, ‎respectively, on a year-on-year basis.

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CSIQ Earnings ‎Estimates For The Current Year

For the financial year, Canadian Solar Inc. [NASDAQ:CSIQ] is ‎expected to bring in revenue of $3.43B. The returns are nearly $230.0 million higher than the ‎company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it ‎at 1.62, lower than that of FY19 by -$1.21. Estimates put this year’s earnings growth at -42.80%, 19.80% ‎for the next, and at an annual 20.00% over the next 5-year period. As for sales, forecasts are for an ‎increase of 7.30% in the current fiscal year and a further 43.60% over the following year.‎

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