Brokerages Set Canadian Solar Inc. (NASDAQ:CSIQ) PT at $19.85

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have received a consensus recommendation of “Reduce” from the eleven research firms that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $19.8489.

Several brokerages recently weighed in on CSIQ. Jefferies Financial Group reiterated a “hold” rating and set a $19.64 price target (up from $13.70) on shares of Canadian Solar in a research report on Monday, November 3rd. Citigroup reiterated a “sell” rating and set a $11.00 price target on shares of Canadian Solar in a research report on Tuesday, October 21st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a report on Monday, December 29th. Roth Capital boosted their price objective on Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, November 17th. Finally, Zacks Research upgraded Canadian Solar from a “strong sell” rating to a “hold” rating in a report on Friday, September 19th.

Canadian Solar Trading Up 4.5%

NASDAQ CSIQ opened at $20.25 on Friday. Canadian Solar has a 1 year low of $6.57 and a 1 year high of $34.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.07 and a quick ratio of 0.86. The company has a market capitalization of $1.36 billion, a PE ratio of -56.25 and a beta of 1.26. The company has a fifty day moving average of $24.96 and a 200 day moving average of $17.15.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, topping the consensus estimate of ($1.08) by $0.50. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.37 billion. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.31) EPS. Research analysts forecast that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds have recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in Canadian Solar during the second quarter worth about $33,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after buying an additional 2,463 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Canadian Solar by 7.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after buying an additional 312 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Canadian Solar during the 3rd quarter worth approximately $73,000. Finally, CANADA LIFE ASSURANCE Co raised its position 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 buying an additional 2,254 shares during the period. Hedge funds and other institutional investors own 52.36% of the company’s stock.

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.