Canadian Solar Inc. (CSIQ) Stock Price Down 2.6%
Shares of Canadian Solar Inc. (NASDAQ:CSIQ) fell 2.6% during trading on Thursday . The stock traded as low as $14.66 and last traded at $14.70, with a volume of 817,566 shares changing hands. The stock had previously closed at $15.09.
Several research firms have commented on CSIQ. Vetr raised Canadian Solar from a “buy” rating to a “strong-buy” rating and set a $26.20 price objective for the company in a research note on Wednesday, March 9th. FBR & Co reaffirmed an “outperform” rating and set a $32.00 price objective on shares of Canadian Solar in a research note on Monday, March 21st. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 price objective (down from $35.00) on shares of Canadian Solar in a research note on Saturday, March 19th. Cowen and Company reduced their price objective on Canadian Solar from $35.00 to $28.50 and set an “outperform” rating for the company in a research note on Wednesday, March 16th. Finally, Northland Securities began coverage on Canadian Solar in a research note on Wednesday, March 16th. They set an “outperform” rating and a $36.00 price objective for the company. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Canadian Solar currently has an average rating of “Buy” and a consensus target price of $29.16.
The firm has a 50 day moving average price of $16.78 and a 200-day moving average price of $19.37. The stock has a market cap of $844.41 million and a price-to-earnings ratio of 6.48.
Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Wednesday, May 11th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.25. The business earned $721.40 million during the quarter, compared to the consensus estimate of $663.74 million. The business’s revenue was down 16.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.04 EPS. On average, equities analysts expect that Canadian Solar Inc. will post $2.36 earnings per share for the current year.
Other institutional investors have modified their holdings of the company. Timpani Capital Management LLC acquired a new position in shares of Canadian Solar during the fourth quarter worth about $1,098,000. Russell Frank Co boosted its position in shares of Canadian Solar by 26.7% in the fourth quarter. Russell Frank Co now owns 64,652 shares of the company’s stock worth $1,852,000 after buying an additional 13,642 shares in the last quarter. Deere & Co. acquired a new position in shares of Canadian Solar during the fourth quarter worth about $1,913,000. BNP Paribas Arbitrage SA boosted its position in shares of Canadian Solar by 1.6% in the fourth quarter. BNP Paribas Arbitrage SA now owns 75,036 shares of the company’s stock worth $2,173,000 after buying an additional 1,156 shares in the last quarter. Finally, GAM Holding AG boosted its position in shares of Canadian Solar by 42.3% in the fourth quarter. GAM Holding AG now owns 123,650 shares of the company’s stock worth $3,581,000 after buying an additional 36,760 shares in the last quarter.
Canadian Solar Inc is a solar power company, which designs, develops and manufactures solar wafers, solar cells and solar power products. The Company’s solar power products include standard solar modules and specialty solar products. It has two segments: module segment and energy segment. The Company’s module segment primarily involves design, development, manufacture and sales of solar power products and solar system kits.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.