Canadian Solar Inc. (NASDAQ:CSIQ) Stock Has Average Price Target of $18.52

Canadian Solar Inc. (NASDAQ:CSIQ) has received an average rating of “Hold” from the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, six have given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $16.42.

A number of equities analysts have recently weighed in on the company. Weiss Ratings downgraded Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. Citigroup lowered their price objective on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, August 27th. Wells Fargo & Company lowered their price objective on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday, August 31st. Roth Capital set a $15.00 price objective on shares of Canadian Solar in a research note on Friday, August 28th. Finally, Wall Street Zen lowered shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th.

Hedge Funds Weigh In On Canadian Solar

Institutional investors and hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC acquired a new stake in Canadian Solar during the second quarter valued at $96,000. Jones Financial Companies Lllp purchased a new position in Canadian Solar in the second quarter valued at about $100,000. Danske Bank A S purchased a new position in Canadian Solar in the second quarter valued at about $100,000. EFG International AG acquired a new position in Canadian Solar in the 2nd quarter worth about $161,000. Finally, Kelleher Financial Advisors acquired a new position in Canadian Solar in the 2nd quarter worth about $186,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $10.33 on Monday. The company has a market capitalization of $701.41 million, a price-to-earnings ratio of -2.69 and a beta of 1.53. Canadian Solar has a 1-year low of $10.30 and a 1-year high of $34.59. The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.95. The stock’s fifty day simple moving average is $12.92 and its 200-day simple moving average is $14.67.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($1.22). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the company posted ($0.53) earnings per share. The firm’s revenue was down 28.7% on a year-over-year basis. On average, sell-side analysts predict that Canadian Solar will post -2.93 earnings per share for the current fiscal year.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.