Canadian Solar Inc. (NASDAQ:CSIQ) Receives $23.33 Consensus Price Target from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has been assigned a consensus recommendation of “Hold” from the ten brokerages that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $23.33.

A number of equities research analysts have recently issued reports on CSIQ shares. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Roth Mkm reduced their price objective on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. UBS Group lowered their target price on Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. JPMorgan Chase & Co. raised their price target on Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 16th. Finally, The Goldman Sachs Group lowered their price objective on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, August 26th.

Canadian Solar Stock Up 8.5 %

Shares of NASDAQ:CSIQ opened at $16.17 on Friday. The firm has a market capitalization of $1.07 billion, a PE ratio of 5.61, a price-to-earnings-growth ratio of 4.71 and a beta of 1.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04. Canadian Solar has a 52-week low of $11.41 and a 52-week high of $26.85. The firm has a fifty day moving average of $14.17 and a 200 day moving average of $16.05.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The company’s revenue was down 30.8% on a year-over-year basis. During the same period in the prior year, the company earned $2.39 EPS. As a group, research analysts anticipate that Canadian Solar will post 0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp raised its stake in Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after buying an additional 1,037,800 shares in the last quarter. SIR Capital Management L.P. purchased a new position in shares of Canadian Solar in the 2nd quarter valued at approximately $3,994,000. D. Scott Neal Inc. bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $3,898,000. Foundry Partners LLC purchased a new stake in Canadian Solar in the second quarter worth $3,667,000. Finally, Schroder Investment Management Group grew its stake in Canadian Solar by 15.7% in the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock worth $41,330,000 after purchasing an additional 213,959 shares during the period. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.