Canadian Solar Inc. (NASDAQ:CSIQ) Receives $17.84 Average Target Price from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has been given a consensus recommendation of “Hold” by the ten brokerages that are presently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $17.84.

CSIQ has been the subject of a number of research analyst reports. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. The Goldman Sachs Group decreased their target price on Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research report on Wednesday, March 26th. Citigroup cut their price target on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating on the stock in a report on Wednesday, March 26th. Finally, Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th.

Canadian Solar Price Performance

CSIQ opened at $7.42 on Thursday. The firm’s fifty day moving average price is $9.64 and its two-hundred day moving average price is $11.54. The company has a market capitalization of $490.90 million, a price-to-earnings ratio of -61.83, a P/E/G ratio of 0.74 and a beta of 1.33. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. Canadian Solar has a 1 year low of $6.57 and a 1 year high of $21.05.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.02) earnings per share. As a group, analysts anticipate that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently modified their holdings of CSIQ. USCF Advisers LLC grew its position in shares of Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 1,000 shares in the last quarter. Wells Fargo & Company MN grew its holdings in Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after buying an additional 3,347 shares in the last quarter. Sciencast Management LP bought a new stake in shares of Canadian Solar during the fourth quarter valued at about $113,000. Miracle Mile Advisors LLC purchased a new stake in shares of Canadian Solar in the fourth quarter worth about $133,000. Finally, Hsbc Holdings PLC bought a new position in shares of Canadian Solar in the fourth quarter valued at approximately $177,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

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.