Canadian Solar (NASDAQ:CSIQ) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Canadian Solar (NASDAQ:CSIQ) in a report released on Friday, Marketbeat reports. The brokerage issued a buy rating and a $14.15 price objective on the solar energy provider’s stock.

Other analysts have also issued reports about the company. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. The Goldman Sachs Group cut their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Glj Research upped their price target on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research report on Tuesday, July 30th. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Finally, Roth Mkm decreased their price objective on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Canadian Solar currently has a consensus rating of “Hold” and a consensus target price of $19.94.

Canadian Solar Stock Up 5.4 %

CSIQ stock opened at $11.91 on Friday. The firm has a 50-day moving average price of $13.74 and a 200-day moving average price of $14.97. Canadian Solar has a 12 month low of $10.91 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 stock has a market capitalization of $787.95 million, a P/E ratio of 23.35, a price-to-earnings-growth ratio of 3.69 and a beta of 1.34.

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

Institutional Trading of Canadian Solar

Hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp increased its holdings in Canadian Solar by 25.4% during the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after buying an additional 1,037,800 shares during the last quarter. D. Scott Neal Inc. purchased a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $3,898,000. Foundry Partners LLC bought a new stake in shares of Canadian Solar in the 2nd quarter worth approximately $3,667,000. Private Advisor Group LLC purchased a new position in Canadian Solar in the third quarter valued at approximately $219,000. Finally, Virtu Financial LLC bought a new position in Canadian Solar during the first quarter valued at $336,000. 52.36% of the stock is currently owned by institutional investors.

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.