Canadian Solar (NASDAQ:CSIQ) Earns Outperform Rating from Analysts at Mizuho

Mizuho assumed coverage on shares of Canadian Solar (NASDAQ:CSIQ) in a research note published on Friday, MarketBeat reports. The firm issued an outperform rating and a $20.00 price target on the solar energy provider’s stock.

Several other brokerages have also recently issued reports on CSIQ. Oppenheimer dropped their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Roth Mkm dropped their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Wells Fargo & Company reduced their target price on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 5th. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Finally, StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $19.04.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $12.69 on Friday. The firm has a 50-day simple moving average of $13.00 and a 200-day simple moving average of $14.47. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $839.56 million, a price-to-earnings ratio of -105.75, a price-to-earnings-growth ratio of 8.89 and a beta of 1.29. Canadian Solar has a 52 week low of $10.91 and a 52 week high of $26.85.

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

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds have recently bought and sold shares of CSIQ. American Century Companies Inc. grew its stake in shares of 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 in the last quarter. Daiwa Securities Group Inc. increased its stake in Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after purchasing an additional 1,500 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Canadian Solar by 1.4% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock valued at $1,847,000 after purchasing an additional 1,522 shares during the last quarter. Quarry LP acquired a new stake in Canadian Solar during the second quarter worth approximately $31,000. Finally, Green Alpha Advisors LLC lifted its position in shares of 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 buying an additional 3,282 shares during 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.