Canadian Solar Inc. (NASDAQ:CSIQ) Receives $19.85 Consensus Target Price from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has earned a consensus recommendation of “Reduce” from the eleven analysts that are presently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $19.8489.

Several research firms recently issued reports on CSIQ. Daiwa Securities Group raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Tuesday, December 2nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. JPMorgan Chase & Co. raised their price objective on Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, November 14th. Mizuho reaffirmed an “underperform” rating and issued a $21.00 target price (up from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $19.64 price target (up previously from $13.70) on shares of Canadian Solar in a research report on Monday, November 3rd.

Canadian Solar Trading Up 4.8%

Shares of CSIQ opened at $19.89 on Wednesday. Canadian Solar has a 12 month low of $6.57 and a 12 month high of $34.59. The stock’s 50-day moving average is $22.66 and its two-hundred day moving average is $18.25. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.07 and a quick ratio of 0.86. The stock has a market cap of $1.33 billion, a PE ratio of -55.25 and a beta of 1.28.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, beating the consensus estimate of ($1.08) by $0.50. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.37 billion. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The company’s revenue was down 1.3% on a year-over-year basis. During the same period last year, the business posted ($0.31) EPS. Equities analysts forecast that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently modified their holdings of the stock. Polunin Capital Partners Ltd bought a new position in shares of Canadian Solar during the fourth quarter valued at approximately $43,692,000. Two Sigma Investments LP bought a new position in Canadian Solar during the 3rd quarter worth $11,544,000. Mackenzie Financial Corp grew its stake in Canadian Solar by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after buying an additional 405,800 shares during the last quarter. JPMorgan Chase & Co. increased its position in Canadian Solar by 206.6% in the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after buying an additional 385,355 shares during the period. Finally, Tudor Investment Corp ET AL bought a new stake in Canadian Solar in the third quarter valued at $5,008,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.