Brokerages Set Canadian Solar Inc. (NASDAQ:CSIQ) Target Price at $18.36

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have received a consensus recommendation of “Hold” from the thirteen research firms that are currently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $18.3640.

Several analysts recently commented on CSIQ shares. Roth Mkm dropped their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Wall Street Zen downgraded shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a report on Monday, April 20th. Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Mizuho decreased their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Finally, Oppenheimer decreased their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, March 20th.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. acquired a new position in Canadian Solar during the second quarter worth about $33,000. Caitong International Asset Management Co. Ltd boosted its position in Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in Canadian Solar during the fourth quarter worth about $48,000. Quarry LP purchased a new position in Canadian Solar during the fourth quarter worth about $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares during the period. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Stock Down 7.7%

CSIQ stock opened at $15.85 on Friday. The firm has a market cap of $1.07 billion, a PE ratio of -6.29 and a beta of 1.44. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The firm’s fifty day moving average is $15.21 and its 200 day moving average is $20.08. Canadian Solar has a one year low of $9.41 and a one year high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.35. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm’s revenue was down 9.9% on a year-over-year basis. During the same quarter last year, the business earned ($1.07) earnings per share. On average, research analysts forecast that Canadian Solar will post -1.16 EPS for the current 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.