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

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have earned an average rating of “Hold” from the eleven ratings firms that are currently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $18.58.

CSIQ has been the subject of several analyst reports. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price target for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Mizuho initiated coverage on shares of Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective on the stock. Jefferies Financial Group began coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective on the stock. Finally, StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, December 18th.

Institutional Investors Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mackenzie Financial Corp increased its holdings in Canadian Solar by 25.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after acquiring an additional 1,037,800 shares during the period. State Street Corp increased its stake in Canadian Solar by 5.6% in the 3rd quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock worth $8,159,000 after purchasing an additional 25,901 shares during the period. Cerity Partners LLC lifted its position in Canadian Solar by 131.5% in the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after purchasing an additional 243,542 shares during the last quarter. SIR Capital Management L.P. bought a new stake in Canadian Solar in the second quarter valued at approximately $3,994,000. Finally, Foundry Partners LLC purchased a new stake in shares of Canadian Solar during the second quarter valued at approximately $3,667,000. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $11.23 on Tuesday. The business has a 50-day moving average of $12.51 and a 200-day moving average of $13.97. Canadian Solar has a fifty-two week low of $10.60 and a fifty-two week high of $26.58. The stock has a market capitalization of $742.97 million, a price-to-earnings ratio of -93.58, a PEG ratio of 8.89 and a beta of 1.29. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company’s revenue was down 18.4% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. As a group, sell-side analysts predict that Canadian Solar will post 0.06 earnings per share for the current fiscal 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.