Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $19.00 by Analysts at Oppenheimer

Canadian Solar (NASDAQ:CSIQGet Free Report) had its price objective dropped by equities researchers at Oppenheimer from $38.00 to $19.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the solar energy provider’s stock. Oppenheimer’s target price would suggest a potential upside of 30.40% from the company’s previous close.

A number of other research firms also recently commented on CSIQ. Daiwa Securities Group raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a research note on Tuesday, December 2nd. Mizuho upgraded shares of Canadian Solar from an “underperform” rating to a “neutral” rating and lowered their target price for the company from $21.00 to $19.00 in a report on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Canadian Solar has an average rating of “Reduce” and a consensus target price of $19.56.

Read Our Latest Stock Report on CSIQ

Canadian Solar Trading Up 7.7%

Shares of Canadian Solar stock traded up $1.04 during trading hours on Friday, reaching $14.57. 2,520,762 shares of the company’s stock were exchanged, compared to its average volume of 2,975,478. Canadian Solar has a 52-week low of $6.57 and a 52-week high of $34.59. The company has a fifty day moving average of $19.55 and a 200-day moving average of $19.57. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $975.75 million, a price-to-earnings ratio of -40.47 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQGet Free Report) last released its earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) EPS for the quarter, missing the consensus estimate of ($1.10) by ($0.56). Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the company posted $0.48 earnings per share. The business’s revenue for the quarter was down 20.0% compared to the same quarter last year. Sell-side analysts forecast that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CSIQ. SG Americas Securities LLC increased its position in shares of Canadian Solar by 646.2% in the third quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock worth $3,081,000 after acquiring an additional 204,623 shares in the last quarter. Inceptionr LLC purchased a new stake in Canadian Solar during the 2nd quarter worth $152,000. Mackenzie Financial Corp boosted its position in Canadian Solar by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after purchasing an additional 405,800 shares during the period. Legal & General Group Plc increased its holdings in Canadian Solar by 21.7% in the 2nd quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock valued at $20,039,000 after purchasing an additional 324,254 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in Canadian Solar in the third quarter valued at about $1,640,000. 52.36% of the stock is owned by institutional investors and hedge funds.

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About Canadian Solar

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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.

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