Canadian Solar Inc. (NASDAQ:CSIQ) Receives Average Rating of “Hold” from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has been assigned an average rating of “Hold” from the ten brokerages that are covering the stock, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $18.94.

Several analysts have weighed in on CSIQ shares. Roth Mkm lowered their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. The Goldman Sachs Group lowered their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, August 26th. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 5th. Oppenheimer dropped their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. Finally, Jefferies Financial Group initiated coverage on Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 target price on the stock.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently added to or reduced their stakes in CSIQ. American Century Companies Inc. increased its stake in shares of Canadian Solar by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after acquiring an additional 1,383 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after purchasing an additional 1,500 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in Canadian Solar by 1.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock worth $1,847,000 after purchasing an additional 1,522 shares during the last quarter. Quarry LP purchased a new position in Canadian Solar during the second quarter worth approximately $31,000. Finally, Green Alpha Advisors LLC boosted its holdings in shares of Canadian Solar by 8.8% in the 3rd quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock valued at $677,000 after purchasing an additional 3,282 shares during the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Stock Performance

NASDAQ:CSIQ opened at $12.38 on Friday. The firm’s fifty day simple moving average is $13.06 and its 200-day simple moving average is $14.58. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The stock has a market cap of $819.05 million, a PE ratio of -103.17, a price-to-earnings-growth ratio of 1.17 and a beta of 1.29. Canadian Solar has a fifty-two week low of $10.91 and a fifty-two week high of $26.85.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.32 earnings per share. Analysts expect that Canadian Solar will post 0.41 earnings per share for the current fiscal year.

About Canadian Solar

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.