Canadian Solar Inc. (NASDAQ:CSIQ) Receives $18.58 Average Target Price from Brokerages

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have earned an average recommendation of “Hold” from the eleven brokerages that are currently covering the company, Marketbeat 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 1-year price target among brokerages that have issued ratings on the stock in the last year is $18.58.

Several equities research analysts recently weighed in on the company. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Mizuho initiated coverage on shares of Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 target price for the company. Finally, Jefferies Financial Group started coverage on Canadian Solar in a research report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price target on the stock.

Canadian Solar Trading Up 1.3 %

Shares of CSIQ opened at $12.35 on Tuesday. Canadian Solar has a 1-year low of $10.60 and a 1-year high of $25.43. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The firm’s 50-day moving average price is $12.34 and its 200-day moving average price is $13.76. The firm has a market capitalization of $817.06 million, a price-to-earnings ratio of -102.92, a PEG ratio of 8.89 and a beta of 1.27.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the firm posted $0.32 EPS. The business’s revenue was down 18.4% on a year-over-year basis. Sell-side analysts anticipate that Canadian Solar will post 0.06 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers lifted its stake in Canadian Solar by 34.6% during the 2nd quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider’s stock valued at $287,000 after acquiring an additional 5,003 shares during the period. Foundry Partners LLC bought a new position in Canadian Solar during the second quarter valued at approximately $3,667,000. SIR Capital Management L.P. purchased a new stake in Canadian Solar in the second quarter worth approximately $3,994,000. American Century Companies Inc. boosted its holdings in Canadian Solar by 8.0% in the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock worth $276,000 after purchasing an additional 1,383 shares during the last quarter. Finally, DRW Securities LLC grew its position in Canadian Solar by 36.0% in the 2nd quarter. DRW Securities LLC now owns 68,000 shares of the solar energy provider’s stock worth $1,003,000 after purchasing an additional 18,000 shares during the period. 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.