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

Canadian Solar Inc. (NASDAQ:CSIQ) has been given an average recommendation of “Hold” by the ten ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $23.33.

A number of equities research analysts have issued reports on CSIQ shares. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on shares of Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Tuesday, July 16th. Oppenheimer dropped their price target on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. The Goldman Sachs Group reduced 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. Finally, 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 research report on Monday, August 26th.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently made changes to their positions in CSIQ. Quarry LP bought a new stake in shares of Canadian Solar during the 2nd quarter worth $31,000. Daiwa Securities Group Inc. boosted its position in shares of Canadian Solar by 72.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after purchasing an additional 3,100 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after purchasing an additional 4,739 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Canadian Solar by 27.6% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock worth $257,000 after buying an additional 3,768 shares during the period. Finally, American Century Companies Inc. lifted its stake in Canadian Solar by 8.0% during the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after buying an additional 1,383 shares in the last quarter. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $12.55 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $830.30 million, a price-to-earnings ratio of 4.36, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31. Canadian Solar has a twelve month low of $11.41 and a twelve month high of $26.85. The business has a 50 day simple moving average of $13.94 and a 200-day simple moving average of $15.57.

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