Canadian Solar Inc. (NASDAQ:CSIQ) Receives Average Rating of “Reduce” from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has been assigned a consensus recommendation of “Reduce” from the thirteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $17.7473.

A number of research firms have weighed in on CSIQ. Wall Street Zen lowered Canadian Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, August 29th. Roth Capital set a $15.00 price objective on shares of Canadian Solar in a research report on Friday, August 28th. Mizuho reduced their price objective on shares of Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a research note on Friday, August 28th. Wells Fargo & Company decreased their target price on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, August 31st. Finally, Glj Research reissued a “sell” rating and issued a $5.58 price target on shares of Canadian Solar in a report on Thursday, August 27th.

Institutional Investors Weigh In On Canadian Solar

Large investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in Canadian Solar in the 2nd quarter worth about $96,000. Jones Financial Companies Lllp purchased a new stake in shares of Canadian Solar in the 2nd quarter valued at about $100,000. Danske Bank A S bought a new stake in shares of Canadian Solar during the 2nd quarter valued at about $100,000. EFG International AG bought a new position in shares of Canadian Solar in the second quarter worth approximately $161,000. Finally, Kelleher Financial Advisors bought a new position in shares of Canadian Solar in the second quarter worth approximately $186,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Trading Down 3.7%

NASDAQ:CSIQ opened at $11.34 on Thursday. Canadian Solar has a 1 year low of $11.10 and a 1 year high of $34.59. The stock’s fifty day moving average price is $14.02 and its two-hundred day moving average price is $15.19. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The company has a market cap of $769.99 million, a P/E ratio of -2.95 and a beta of 1.51.

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

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ:CSIQ) is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.