Canadian Solar Inc. (NASDAQ:CSIQ) Receives $17.75 Consensus Target Price from Analysts

Canadian Solar Inc. (NASDAQ:CSIQ) has been given a consensus rating of “Reduce” by the thirteen analysts that are covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $17.7473.

CSIQ has been the topic of several analyst reports. Citigroup cut their price target on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, August 27th. Glj Research restated a “sell” rating and issued a $5.58 price objective on shares of Canadian Solar in a report on Thursday, August 27th. Wall Street Zen downgraded Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 29th. Weiss Ratings lowered Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. Finally, Mizuho reduced their price target on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, August 28th.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mraz Amerine & Associates Inc. bought a new position in shares of Canadian Solar in the second quarter valued at $188,000. Susquehanna Fundamental Investments LLC acquired a new position in Canadian Solar during the second quarter worth $166,000. Hsbc Holdings PLC raised its position in Canadian Solar by 170.5% during the second quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock worth $5,220,000 after acquiring an additional 205,397 shares in the last quarter. Wellington Management Group LLP bought a new stake in Canadian Solar during the second quarter worth $1,018,259,000. Finally, Kingsview Wealth Management LLC acquired a new stake in Canadian Solar in the second quarter valued at $357,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Price Performance

Shares of CSIQ opened at $11.41 on Thursday. The stock has a market capitalization of $774.54 million, a P/E ratio of -2.97 and a beta of 1.51. Canadian Solar has a twelve month low of $11.10 and a twelve month high of $34.59. The company has a 50 day moving average of $14.24 and a 200-day moving average of $15.32. The company has a quick ratio of 0.78, a current ratio of 1.02 and a debt-to-equity ratio of 0.95.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%.The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the firm earned ($0.53) EPS. The business’s revenue for the quarter was down 28.7% compared to the same quarter last year. As a group, equities research analysts forecast that Canadian Solar will post -2.93 EPS for the current fiscal year.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ:CSIQ) is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.