Jefferies Financial Group Initiates Coverage on Canadian Solar (NASDAQ:CSIQ)

Jefferies Financial Group started coverage on shares of Canadian Solar (NASDAQ:CSIQ) in a report released on Friday, MarketBeat reports. The firm set a “buy” rating and a $14.15 price target on the solar energy provider’s stock. Jefferies Financial Group’s price objective points to a potential upside of 18.81% from the company’s previous close.

Other research analysts have also issued reports about the stock. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group reduced their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price target for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Oppenheimer reduced their price target on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Finally, Roth Mkm reduced their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.94.

Canadian Solar Stock Performance

NASDAQ:CSIQ opened at $11.91 on Friday. Canadian Solar has a 1 year low of $10.91 and a 1 year high of $26.85. The firm’s fifty day simple moving average is $13.74 and its 200 day simple moving average is $14.98. 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 firm has a market capitalization of $787.95 million, a PE ratio of 23.35, a PEG ratio of 3.69 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the business posted $2.39 EPS. Canadian Solar’s revenue was down 30.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Canadian Solar will post 0.12 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP bought a new position in shares of Canadian Solar during the 2nd quarter worth about $31,000. Daiwa Securities Group Inc. lifted its holdings in Canadian Solar by 20.3% during the 3rd 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 last quarter. Private Advisor Group LLC bought a new position in Canadian Solar during the 3rd quarter valued at about $219,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Canadian Solar by 43.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after purchasing an additional 4,739 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted 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 valued at $257,000 after purchasing an additional 3,768 shares during the last quarter. 52.36% of the stock is owned by 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.