Canadian Solar Inc. (NASDAQ:CSIQ) Receives $18.58 Consensus Target Price from Analysts

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have received a consensus rating of “Hold” from the eleven analysts that are covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $18.58.

A number of research firms have commented on CSIQ. Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price target for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Jefferies Financial Group assumed coverage on Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target on the stock. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, December 18th. The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Finally, Mizuho began coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price target for the company.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors have recently modified their holdings of the business. American Century Companies Inc. increased 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 valued at $276,000 after purchasing an additional 1,383 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Canadian Solar by 20.3% in the 3rd 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Canadian Solar by 1.4% in the 3rd 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 acquiring an additional 1,522 shares during the period. Quarry LP bought a new position in Canadian Solar during the 2nd quarter worth approximately $31,000. Finally, Green Alpha Advisors LLC grew its holdings in Canadian Solar by 8.8% during the third quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock valued at $677,000 after purchasing an additional 3,282 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Price Performance

Canadian Solar stock opened at $12.04 on Tuesday. The business has a 50 day simple moving average of $12.43 and a 200 day simple moving average of $13.85. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The company has a market capitalization of $796.55 million, a PE ratio of -100.33, a price-to-earnings-growth ratio of 8.89 and a beta of 1.29. Canadian Solar has a one year low of $10.60 and a one year high of $25.53.

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

About Canadian Solar

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.