Canadian Solar Inc. (NASDAQ:CSIQ) Receives Average Recommendation of “Reduce” from Analysts

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

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Roth Capital increased their price objective on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, November 17th. JPMorgan Chase & Co. raised their target price on shares of Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday, November 14th. Mizuho restated an “underperform” rating and issued a $21.00 price target (up from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. Finally, Citigroup reaffirmed a “sell” rating and issued a $11.00 price target on shares of Canadian Solar in a report on Tuesday, October 21st.

Institutional Trading of Canadian Solar

Several hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp lifted its holdings in Canadian Solar by 7.4% in the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after acquiring an additional 405,800 shares during the last quarter. Invesco Ltd. raised its stake in shares of Canadian Solar by 19.3% in the 3rd quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after acquiring an additional 356,625 shares during the period. Legal & General Group Plc lifted its holdings in shares of Canadian Solar by 13.0% in the 3rd quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after acquiring an additional 236,115 shares during the last quarter. Two Sigma Investments LP purchased a new position in shares of Canadian Solar during the 3rd quarter worth approximately $11,544,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Canadian Solar by 20.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock valued at $9,539,000 after purchasing an additional 145,867 shares during the period. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Price Performance

NASDAQ:CSIQ opened at $20.85 on Friday. The stock has a 50 day moving average of $24.88 and a two-hundred day moving average of $17.25. Canadian Solar has a 12 month low of $6.57 and a 12 month high of $34.59. The firm has a market cap of $1.40 billion, a P/E ratio of -57.92 and a beta of 1.26. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93.

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

About Canadian Solar

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.