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

Canadian Solar Inc. (NASDAQ:CSIQ) has received a consensus rating of “Hold” from the ten ratings firms that are covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $22.03.

Several equities analysts have commented on the company. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. 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 report on Friday, August 23rd. The Goldman Sachs Group reduced their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, August 26th. JPMorgan Chase & Co. raised their price target 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. Finally, Roth Mkm reduced their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 26th.

Canadian Solar Stock Down 5.8 %

Shares of NASDAQ CSIQ opened at $11.96 on Thursday. The stock has a 50-day moving average price of $13.89 and a two-hundred day moving average price of $15.47. Canadian Solar has a 12 month low of $11.41 and a 12 month high of $26.85. 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 cap of $791.26 million, a price-to-earnings ratio of 4.15, a PEG ratio of 4.92 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The firm’s revenue was down 30.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.39 EPS. As a group, analysts forecast that Canadian Solar will post 0.12 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

A number of large investors have recently bought and sold shares of the business. Quarry LP bought a new stake in shares of Canadian Solar during the 2nd quarter valued at about $31,000. Daiwa Securities Group Inc. grew its position in shares of Canadian Solar by 72.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after buying an additional 3,100 shares during the period. Private Advisor Group LLC bought a new stake in shares of Canadian Solar in the 3rd quarter valued at $219,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of 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 acquiring an additional 4,739 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in Canadian Solar by 27.6% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock worth $257,000 after acquiring an additional 3,768 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.