Brokerages Set Canadian Solar Inc. (NASDAQ:CSIQ) Target Price at $19.85

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have received a consensus rating of “Reduce” from the eleven ratings firms that are currently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $19.8489.

A number of analysts have weighed in on the stock. UBS Group increased their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. JPMorgan Chase & Co. upped their price objective on shares of Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, November 14th. Daiwa Securities Group raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a research note on Tuesday, December 2nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Finally, Mizuho reissued an “underperform” rating and issued a $21.00 price objective (up from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th.

Hedge Funds Weigh In On Canadian Solar

Institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd grew its holdings in Canadian Solar by 335.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after purchasing an additional 2,463 shares during the period. China Universal Asset Management Co. Ltd. bought a new stake in Canadian Solar in the fourth quarter valued at $48,000. Quarry LP acquired a new position in shares of Canadian Solar during the fourth quarter valued at about $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares in the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Stock Performance

NASDAQ CSIQ opened at $16.64 on Friday. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -46.22 and a beta of 1.31. The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93. Canadian Solar has a twelve month low of $6.57 and a twelve month high of $34.59. The stock has a fifty day simple moving average of $20.80 and a 200 day simple moving average of $19.15.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.