Canadian Solar Inc. (NASDAQ:CSIQ) Receives $19.85 Consensus PT from Analysts

Canadian Solar Inc. (NASDAQ:CSIQ) has been given a consensus rating of “Reduce” by the eleven ratings firms that are presently covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $19.8489.

A number of equities analysts have issued reports on the company. Mizuho reaffirmed an “underperform” rating and issued a $21.00 target price (up previously from $15.00) on shares of Canadian Solar in a report on Wednesday, November 19th. Roth Mkm upped their price objective on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. UBS Group raised their price objective on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. JPMorgan Chase & Co. upped their price target on shares of Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday, November 14th. Finally, Citigroup reissued a “sell” rating and issued a $11.00 price objective on shares of Canadian Solar in a research note on Tuesday, October 21st.

Institutional Trading of Canadian Solar

Institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new position in Canadian Solar during the 2nd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd increased its position in shares of Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after buying an additional 2,463 shares during the period. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Canadian Solar during the fourth quarter worth $48,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Canadian Solar by 7.0% in the third 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. Finally, Public Employees Retirement System of Ohio acquired a new position in Canadian Solar in the third quarter valued at $73,000. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $21.83 on Wednesday. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -60.64 and a beta of 1.28. 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 firm has a 50 day simple moving average of $22.45 and a 200 day simple moving average of $18.37. Canadian Solar has a one year low of $6.57 and a one year high of $34.59.

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