Canadian Solar Inc. (NASDAQ:CSIQ) Stock Has Average Price Target of $15.84 According to Brokerages

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have earned a consensus recommendation of “Reduce” from the twelve research firms that are currently covering the stock, MarketBeat reports. Four analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $15.84.

A number of research analysts have recently issued reports on the company. Roth Capital set a $15.00 price objective on Canadian Solar in a research note on Friday, August 28th. UBS Group lowered their target price on Canadian Solar from $25.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, October 14th. JPMorgan Chase & Co. dropped their target price on Canadian Solar from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Monday, October 19th. Weiss Ratings lowered Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 27th. Finally, Wall Street Zen cut Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $11.12 on Friday. The stock has a market capitalization of $755.01 million, a P/E ratio of -2.90 and a beta of 1.50. Canadian Solar has a one year low of $8.79 and a one year high of $34.59. The firm’s 50 day simple moving average is $11.18 and its two-hundred day simple moving average is $15.16. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78.

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

Institutional Trading of Canadian Solar

A number of institutional investors have recently made changes to their positions in the stock. Caisse de depot et placement du Quebec bought a new stake in Canadian Solar during the 2nd quarter valued at $2,262,141,000. Wellington Management Group LLP bought a new stake in Canadian Solar in the 2nd quarter worth $1,018,259,000. Deutsche Bank AG bought a new stake in Canadian Solar in the 2nd quarter worth $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Canadian Solar in the 2nd quarter worth $676,361,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Canadian Solar in the second quarter valued at about $631,683,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc is a global solar energy company that designs, manufactures and delivers renewable energy products and solutions. Founded in 2001 by Dr. Shawn Qu, the company is headquartered in Guelph, Ontario, Canada, and serves customers in markets across North America, Latin America, Europe, Africa, the Middle East, Australia and Asia.

Through its CSI Solar business, Canadian Solar provides photovoltaic solar modules, inverters, battery energy storage systems and other components used in residential, commercial, industrial and utility-scale projects.