Canadian Solar (NASDAQ:CSIQ) Now Covered by Jefferies Financial Group

Investment analysts at Jefferies Financial Group started coverage on shares of Canadian Solar (NASDAQ:CSIQ) in a report released on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $14.15 price target on the solar energy provider’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 23.91% from the company’s current price.

Several other equities research analysts have also recently issued reports on the company. The Goldman Sachs Group lowered their price objective on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, August 26th. Oppenheimer reduced their price objective on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Glj Research increased their target price on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research report on Tuesday, July 30th. Finally, Roth Mkm dropped their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.94.

Canadian Solar Price Performance

Shares of CSIQ stock traded up $0.12 during trading hours on Friday, hitting $11.42. 269,215 shares of the company’s stock were exchanged, compared to its average volume of 1,717,050. The firm has a 50 day moving average of $13.78 and a two-hundred day moving average of $15.04. Canadian Solar has a fifty-two week low of $10.91 and a fifty-two week high of $26.85. The firm has a market cap of $755.55 million, a P/E ratio of 21.90, a P/E/G ratio of 3.61 and a beta of 1.34. The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The company’s revenue was down 30.8% compared to the same quarter last year. During the same period last year, the firm posted $2.39 earnings per share. Sell-side analysts forecast that Canadian Solar will post 0.12 EPS for the current year.

Institutional Trading of Canadian Solar

A number of hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its holdings in Canadian Solar by 25.4% during the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after acquiring an additional 1,037,800 shares during the period. D. Scott Neal Inc. acquired a new stake in shares of Canadian Solar in the second quarter valued at about $3,898,000. Foundry Partners LLC purchased a new stake in Canadian Solar during the second quarter worth about $3,667,000. Private Advisor Group LLC acquired a new position in Canadian Solar during the third quarter worth about $219,000. Finally, Virtu Financial LLC purchased a new position in Canadian Solar in the first quarter valued at about $336,000. 52.36% of the stock is owned by institutional investors and hedge funds.

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.