Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $16.00

Canadian Solar (NASDAQ:CSIQ) had its price objective cut by research analysts at The Goldman Sachs Group from $18.00 to $16.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the solar energy provider’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 22.70% from the company’s current price.

A number of other research firms have also issued reports on CSIQ. Glj Research increased their target price on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research note on Tuesday, July 30th. Roth Mkm restated a “buy” rating and issued a $25.00 target price on shares of Canadian Solar in a research note on Wednesday, May 22nd. Oppenheimer decreased their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. UBS Group lowered their price target on Canadian Solar from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. increased 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. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $23.33.

Canadian Solar Trading Down 3.6 %

Shares of Canadian Solar stock opened at $13.04 on Monday. The business’s fifty day moving average is $15.22 and its two-hundred day moving average is $17.31. Canadian Solar has a fifty-two week low of $12.18 and a fifty-two week high of $28.72. The firm has a market cap of $862.71 million, a PE ratio of 4.53, a P/E/G ratio of 0.30 and a beta of 1.29. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The business’s quarterly revenue was down 30.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.39 EPS. Analysts anticipate that Canadian Solar will post 2.07 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds have recently modified their holdings of CSIQ. Quarry LP acquired a new position in Canadian Solar during the 2nd quarter valued at $31,000. Daiwa Securities Group Inc. increased its stake in Canadian Solar by 72.1% during the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after acquiring an additional 3,100 shares during the period. Private Advisor Group LLC acquired a new position in Canadian Solar in the 4th quarter valued at approximately $201,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of 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 acquiring an additional 4,739 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of 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 purchasing an additional 3,768 shares in 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.