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

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have earned an average recommendation of “Reduce” from the eleven analysts that are presently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $19.8489.

A number of brokerages recently weighed in on CSIQ. Roth Mkm lifted their target price on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, November 17th. UBS Group raised their price objective on Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Mizuho reiterated an “underperform” rating and set a $21.00 target price (up from $15.00) on shares of Canadian Solar in a report on Wednesday, November 19th. Finally, JPMorgan Chase & Co. increased their target price on shares of Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Friday, November 14th.

Canadian Solar Stock Down 3.8%

Shares of CSIQ opened at $16.00 on Friday. Canadian Solar has a fifty-two week low of $6.57 and a fifty-two week high of $34.59. The company’s fifty day moving average is $20.64 and its two-hundred day moving average is $19.22. The firm has a market cap of $1.07 billion, a PE ratio of -44.44 and a beta of 1.31. The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93.

Institutional Investors Weigh In On Canadian Solar

Several large investors have recently made changes to their positions in the business. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Canadian Solar in the 4th quarter valued at $1,140,000. Caitong International Asset Management Co. Ltd boosted its position in Canadian Solar by 427.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 16,879 shares of the solar energy provider’s stock worth $401,000 after purchasing an additional 13,681 shares during the period. Virtu Financial LLC acquired a new stake in Canadian Solar in the 4th quarter valued at $410,000. Voloridge Investment Management LLC acquired a new stake in Canadian Solar in the 4th quarter valued at $6,013,000. Finally, SummitTX Capital L.P. purchased a new position in Canadian Solar in the fourth quarter valued at about $332,000. Institutional investors and hedge funds 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.