Analysts Set Canadian Solar Inc. (NASDAQ:CSIQ) Price Target at $18.58

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have received a consensus recommendation of “Hold” from the eleven research firms that are currently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $18.58.

CSIQ has been the topic of several analyst reports. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, December 18th. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Wells Fargo & Company reduced their price target on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 5th. Jefferies Financial Group assumed coverage on Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective on the stock. Finally, Mizuho started coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company.

Institutional Trading of Canadian Solar

A number of hedge funds have recently bought and sold shares of CSIQ. Mackenzie Financial Corp lifted its position in shares of Canadian Solar by 25.4% in the 2nd 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. State Street Corp lifted its position in Canadian Solar by 5.6% in the third quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock worth $8,159,000 after purchasing an additional 25,901 shares during the period. Cerity Partners LLC increased its holdings in Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after buying an additional 243,542 shares during the period. SIR Capital Management L.P. acquired a new position in shares of Canadian Solar in the 2nd quarter valued at $3,994,000. Finally, Foundry Partners LLC bought a new position in shares of Canadian Solar during the 2nd quarter worth about $3,667,000. 52.36% of the stock is owned by institutional investors.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $12.04 on Tuesday. The firm has a market cap of $796.55 million, a price-to-earnings ratio of -100.33, a P/E/G ratio of 8.89 and a beta of 1.29. Canadian Solar has a 1 year low of $10.60 and a 1 year high of $25.53. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The business has a fifty day simple moving average of $12.43 and a 200 day simple moving average of $13.85.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business’s quarterly revenue was down 18.4% on a year-over-year basis. During the same period last year, the business earned $0.32 EPS. As a group, sell-side analysts predict that Canadian Solar will post 0.06 earnings per share for the current fiscal 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.