Canadian Solar Inc. (NASDAQ:CSIQ) Receives $19.36 Consensus Price Target from Analysts

Canadian Solar Inc. (NASDAQ:CSIQ) has earned a consensus recommendation of “Hold” from the thirteen research firms that are covering the stock, MarketBeat reports. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $19.3640.

Several research analysts recently weighed in on the stock. Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and boosted their target price for the company from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Wells Fargo & Company cut their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. Freedom Capital downgraded shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Finally, Mizuho raised their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, June 15th.

Insider Activity

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the business’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The SEC filing for this sale provides additional information. Corporate insiders own 21.50% of the company’s stock.

Institutional Trading of Canadian Solar

Several large investors have recently bought and sold shares of CSIQ. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in 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 valued at $63,000 after purchasing an additional 312 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in shares of Canadian Solar during the 4th quarter valued at approximately $48,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Canadian Solar by 43.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider’s stock worth $164,000 after buying an additional 2,084 shares in the last quarter. LPL Financial LLC grew its position in shares of Canadian Solar by 16.7% during the fourth quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock worth $369,000 after buying an additional 2,219 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after buying an additional 2,254 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Trading Up 5.6%

NASDAQ:CSIQ opened at $16.39 on Wednesday. Canadian Solar has a 12-month low of $9.41 and a 12-month high of $34.59. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The stock’s 50 day simple moving average is $15.90 and its 200-day simple moving average is $16.80. The firm has a market cap of $1.11 billion, a P/E ratio of -6.50 and a beta of 1.52.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $950.43 million. During the same quarter last year, the business earned ($1.07) EPS. The business’s revenue was down 9.9% on a year-over-year basis. Equities analysts anticipate that Canadian Solar will post -1.81 EPS for the current year.

Canadian Solar Company Profile

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.