Canadian Solar Inc. (NASDAQ:CSIQ) Given Consensus Rating of “Reduce” by Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has been assigned a consensus recommendation of “Reduce” from the thirteen brokerages that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $18.3640.

CSIQ has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Wall Street Zen raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Freedom Capital cut shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Wells Fargo & Company cut their price target on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, April 8th. Finally, Roth Mkm cut their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 23rd.

Insider Activity

In related news, Director Leslie Li Hsien Chang sold 1,767 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The disclosure for this sale is available in the SEC filing. Corporate insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in Canadian Solar by 206.6% during the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after buying an additional 385,355 shares during the period. UBS Group AG grew its position in Canadian Solar by 71.3% during the fourth quarter. UBS Group AG now owns 399,963 shares of the solar energy provider’s stock worth $9,507,000 after buying an additional 166,412 shares during the period. Polunin Capital Partners Ltd acquired a new position in Canadian Solar during the fourth quarter worth about $43,692,000. Hussman Strategic Advisors Inc. acquired a new position in Canadian Solar during the fourth quarter worth about $2,995,000. Finally, GF Fund Management CO. LTD. acquired a new position in Canadian Solar during the fourth quarter worth about $6,260,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $16.73 on Tuesday. The company has a 50-day simple moving average of $16.14 and a 200-day simple moving average of $19.13. Canadian Solar has a one year low of $9.41 and a one year high of $34.59. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -6.64 and a beta of 1.50.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $950.43 million. During the same period in the prior year, the company earned ($1.07) earnings per share. The business’s revenue was down 9.9% compared to the same quarter last year. On average, analysts predict that Canadian Solar will post -1.16 EPS for the current year.

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.