Canadian Solar Inc. (NASDAQ:CSIQ) Receives Average Recommendation of “Hold” from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has earned a consensus rating of “Hold” from the nine ratings firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $29.00.

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group dropped their price target on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Daiwa Capital Markets assumed coverage on shares of Canadian Solar in a research note on Monday, March 11th. They issued a “neutral” rating and a $21.00 price target on the stock. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. Roth Mkm reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Canadian Solar in a research report on Wednesday, May 22nd. Finally, Citigroup reduced their target price on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th.

Hedge Funds Weigh In On Canadian Solar

Large investors have recently modified their holdings of the business. Grantham Mayo Van Otterloo & Co. LLC raised its holdings in Canadian Solar by 137.9% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,761,422 shares of the solar energy provider’s stock worth $92,569,000 after acquiring an additional 2,180,240 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Canadian Solar by 27.1% during the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock worth $103,661,000 after purchasing an additional 843,100 shares in the last quarter. Schroder Investment Management Group boosted its holdings in shares of Canadian Solar by 15.7% in the 4th quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after buying an additional 213,959 shares during the last quarter. Creative Planning grew its stake in shares of Canadian Solar by 103.3% in the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock valued at $9,961,000 after buying an additional 205,671 shares in the last quarter. Finally, Robotti Robert increased its holdings in Canadian Solar by 92.5% during the first quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock worth $6,234,000 after buying an additional 151,610 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ opened at $18.20 on Monday. The firm’s 50 day simple moving average is $17.08 and its 200 day simple moving average is $20.46. Canadian Solar has a fifty-two week low of $14.11 and a fifty-two week high of $45.29. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 6.32, a P/E/G ratio of 0.35 and a beta of 1.29. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 0.79.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.20. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The business’s revenue for the quarter was down 21.1% compared to the same quarter last year. During the same period last year, the business posted $1.19 earnings per share. As a group, sell-side analysts forecast that Canadian Solar will post 2.1 earnings per share for the current year.

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.