Canadian Solar Inc. (NASDAQ:CSIQ) Receives $31.78 Consensus Price Target from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has been assigned a consensus recommendation of “Hold” from the nine ratings firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $29.00.

A number of equities analysts have recently weighed in on CSIQ shares. The Goldman Sachs Group cut their price target on 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 started coverage on Canadian Solar in a research note on Monday, March 11th. They set a “neutral” rating and a $21.00 price objective on the stock. Wells Fargo & Company lowered their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 19th. Citigroup reduced their price objective on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, Roth Mkm reiterated a “buy” rating and set a $25.00 price objective on shares of Canadian Solar in a report on Wednesday.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently made changes to their positions in CSIQ. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in Canadian Solar by 137.9% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,761,422 shares of the solar energy provider’s stock worth $92,569,000 after buying an additional 2,180,240 shares during the period. Mackenzie Financial Corp raised its holdings in Canadian Solar by 27.1% in the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock worth $103,661,000 after buying an additional 843,100 shares during the last quarter. Schroder Investment Management Group raised its holdings in shares of Canadian Solar by 15.7% during the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after purchasing an additional 213,959 shares during the last quarter. Creative Planning raised its holdings in shares of Canadian Solar by 103.3% during the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock valued at $9,961,000 after purchasing an additional 205,671 shares during the last quarter. Finally, Robotti Robert increased its holdings in Canadian Solar by 92.5% during the first quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock valued at $6,234,000 after buying an additional 151,610 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Stock Performance

NASDAQ CSIQ opened at $18.19 on Monday. The stock’s fifty day moving average is $17.14 and its two-hundred day moving average is $20.51. The firm has a market capitalization of $1.20 billion, a P/E ratio of 6.32, a price-to-earnings-growth ratio of 0.29 and a beta of 1.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.02. Canadian Solar has a fifty-two week low of $14.11 and a fifty-two week high of $45.29.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.20. Canadian Solar had a return on equity of 5.61% and a net margin of 2.80%. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter last year, the business posted $1.19 EPS. The business’s quarterly revenue was down 21.1% compared to the same quarter last year. On average, research analysts anticipate that Canadian Solar will post 2.2 earnings per share for the current year.

Canadian Solar Company Profile

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.