JPMorgan Chase & Co. Increases Canadian Solar (NASDAQ:CSIQ) Price Target to $28.00

Canadian Solar (NASDAQ:CSIQ) had its price target hoisted by JPMorgan Chase & Co. from $24.00 to $28.00 in a research note published on Wednesday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the solar energy provider’s stock.

CSIQ has been the topic of several other reports. ValuEngine lowered Canadian Solar from a sell rating to a strong sell rating in a research note on Thursday, April 9th. Cfra upgraded Canadian Solar from a hold rating to a buy rating and upped their price target for the company from $20.00 to $22.00 in a research report on Friday, May 29th. Oppenheimer reissued a buy rating and set a $25.00 price objective on shares of Canadian Solar in a report on Thursday, May 28th. Finally, BidaskClub raised shares of Canadian Solar from a hold rating to a buy rating in a report on Thursday, July 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Canadian Solar presently has an average rating of Hold and an average price target of $26.83.

Shares of NASDAQ:CSIQ opened at $22.14 on Wednesday. The business’s 50 day moving average is $20.87 and its 200-day moving average is $19.44. The company has a current ratio of 1.17, a quick ratio of 0.95 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $1.31 billion, a PE ratio of 5.72, a PEG ratio of 0.30 and a beta of 1.57. Canadian Solar has a 1-year low of $12.00 and a 1-year high of $25.85.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, May 28th. The solar energy provider reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.98. The company had revenue of $825.60 million during the quarter, compared to analysts’ expectations of $792.65 million. Canadian Solar had a net margin of 8.45% and a return on equity of 16.69%. The business’s revenue was up 70.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.29) EPS. On average, sell-side analysts predict that Canadian Solar will post 2.3 EPS for the current year.

A number of institutional investors have recently bought and sold shares of the business. Hussman Strategic Advisors Inc. grew its holdings in shares of Canadian Solar by 0.4% during the second quarter. Hussman Strategic Advisors Inc. now owns 153,600 shares of the solar energy provider’s stock worth $2,959,000 after purchasing an additional 600 shares during the last quarter. Guinness Asset Management LTD lifted its position in Canadian Solar by 13.1% during the 2nd quarter. Guinness Asset Management LTD now owns 34,500 shares of the solar energy provider’s stock worth $665,000 after buying an additional 4,000 shares in the last quarter. Guinness Atkinson Asset Management Inc grew its holdings in Canadian Solar by 9.9% during the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 15,600 shares of the solar energy provider’s stock worth $301,000 after acquiring an additional 1,400 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Canadian Solar by 9.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 38,490 shares of the solar energy provider’s stock worth $742,000 after acquiring an additional 3,200 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Canadian Solar by 10.4% in the 2nd quarter. First Trust Advisors LP now owns 112,587 shares of the solar energy provider’s stock valued at $2,170,000 after acquiring an additional 10,628 shares in the last quarter. 40.41% of the stock is currently owned by institutional investors.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

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