Canadian Solar (NASDAQ:CSIQ – Free Report) had its price objective cut by Wells Fargo & Company from $15.00 to $13.00 in a report published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the solar energy provider’s stock.
CSIQ has been the topic of a number of other reports. Roth Mkm cut their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. The Goldman Sachs Group lowered their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th. 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 target on the stock. Oppenheimer lowered their target price 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, Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.94.
View Our Latest Analysis on Canadian Solar
Canadian Solar Trading Up 4.8 %
Canadian Solar (NASDAQ:CSIQ – Get Free Report) last announced its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The firm’s revenue for the quarter was down 18.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 EPS. On average, equities analysts forecast that Canadian Solar will post 0.41 earnings per share for the current year.
Institutional Trading of Canadian Solar
A number of hedge funds have recently bought and sold shares of the company. American Century Companies Inc. increased its position in Canadian Solar by 8.0% during 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. Daiwa Securities Group Inc. grew its position in Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after acquiring an additional 1,500 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Canadian Solar by 1.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock worth $1,847,000 after acquiring an additional 1,522 shares during the last quarter. Quarry LP purchased a new position in shares of Canadian Solar in the 2nd quarter worth about $31,000. Finally, Green Alpha Advisors LLC increased its position in Canadian Solar by 8.8% during the 3rd quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock worth $677,000 after purchasing an additional 3,282 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.
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.
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