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

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

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

Insider Transactions at Canadian Solar

In related news, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction dated Tuesday, May 19th. The shares were 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. 21.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CSIQ. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Canadian Solar by 7.0% during the third 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 stake in Canadian Solar in the 4th quarter worth approximately $48,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Canadian Solar by 43.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider’s stock valued at $164,000 after buying an additional 2,084 shares during the period. LPL Financial LLC grew its holdings in shares of Canadian Solar by 16.7% during the 4th quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock valued at $369,000 after acquiring an additional 2,219 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Canadian Solar by 38.6% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after acquiring an additional 2,254 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Stock Up 2.2%

Shares of NASDAQ:CSIQ opened at $15.08 on Wednesday. The company’s fifty day moving average is $16.02 and its two-hundred day moving average is $16.90. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. Canadian Solar has a 1-year low of $9.41 and a 1-year high of $34.59. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -5.98 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ) last issued 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. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.Canadian Solar’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.07) earnings per share. Equities analysts anticipate that Canadian Solar will post -1.81 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.