Canadian Solar Inc. (NASDAQ:CSIQ) Receives $17.66 Average PT from Analysts

Canadian Solar Inc. (NASDAQ:CSIQ) has been assigned a consensus rating of “Hold” from the thirteen brokerages that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a sell recommendation, five have given a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $17.6640.

A number of equities research analysts have recently weighed in on the stock. Daiwa Securities Group raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a report on Tuesday, December 2nd. Roth Mkm reduced their target price on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Mizuho lowered their price target on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Finally, Oppenheimer cut their price objective on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, March 20th.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently bought and sold shares of CSIQ. Polunin Capital Partners Ltd acquired a new stake in Canadian Solar during the 4th quarter valued at approximately $43,692,000. Two Sigma Investments LP acquired a new stake in shares of Canadian Solar in the third quarter worth $11,544,000. Mackenzie Financial Corp increased its stake in shares of Canadian Solar by 7.4% in the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after acquiring an additional 405,800 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of 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 purchasing an additional 385,355 shares during the last quarter. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Canadian Solar during the third quarter worth $5,008,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Stock Performance

Shares of Canadian Solar stock opened at $13.45 on Thursday. The company has a 50 day moving average price of $18.67 and a 200 day moving average price of $19.78. The firm has a market capitalization of $900.75 million, a P/E ratio of -5.38 and a beta of 1.31. The company has a quick ratio of 0.83, a current ratio of 1.02 and a debt-to-equity ratio of 0.97. Canadian Solar has a 52 week low of $6.57 and a 52 week high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share for the quarter. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%.The company had revenue of $1.22 billion for the quarter. Sell-side analysts expect that Canadian Solar will post -0.23 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.