Brokerages Set Canadian Solar Inc. (NASDAQ:CSIQ) Price Target at $31.78

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have earned a consensus rating of “Hold” from the nine analysts that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $31.78.

Several analysts have commented on the stock. Citigroup lowered their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, March 15th. The Goldman Sachs Group decreased their target price on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Daiwa Capital Markets initiated coverage on shares of Canadian Solar in a research note on Monday, March 11th. They set a “neutral” rating and a $21.00 target price on the stock. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 19th. Finally, StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th.

Institutional Trading of Canadian Solar

A number of large investors have recently added to or reduced their stakes in the company. Adirondack Trust Co. lifted its holdings in shares of Canadian Solar by 200.0% in the 3rd quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock valued at $37,000 after acquiring an additional 1,000 shares during the last quarter. USCF Advisers LLC increased its position in shares of Canadian Solar by 87.5% during the 4th quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock valued at $39,000 after purchasing an additional 700 shares during the last quarter. Assetmark Inc. raised its holdings in Canadian Solar by 71.2% during the 3rd quarter. Assetmark Inc. now owns 2,387 shares of the solar energy provider’s stock valued at $59,000 after buying an additional 993 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Canadian Solar in the third quarter worth $93,000. Finally, Private Advisor Group LLC bought a new position in Canadian Solar during the fourth quarter valued at $201,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Up 4.5 %

Canadian Solar stock opened at $15.15 on Thursday. Canadian Solar has a 1-year low of $14.11 and a 1-year high of $45.29. The firm has a 50 day simple moving average of $18.71 and a 200 day simple moving average of $21.09. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $977.33 million, a price-to-earnings ratio of 3.90, a P/E/G ratio of 0.23 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.11. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the previous year, the firm earned $1.11 earnings per share. Canadian Solar’s revenue was down 13.7% on a year-over-year basis. On average, analysts predict that Canadian Solar will post 2.58 earnings per share for the current year.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.