Canadian Solar Inc. (NASDAQ:CSIQ) Stock Has Average Target Price of $15.84

Canadian Solar Inc. (NASDAQ:CSIQ) has earned an average rating of “Reduce” from the twelve ratings firms that are currently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $15.84.

Several analysts recently commented on the company. Wall Street Zen cut Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 29th. Roth Capital set a $15.00 price target on shares of Canadian Solar in a research note on Friday, August 28th. UBS Group cut their price target on Canadian Solar from $25.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, October 14th. Citigroup decreased their price target on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. Finally, Weiss Ratings cut shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 27th.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $10.14 on Friday. Canadian Solar has a 52 week low of $8.79 and a 52 week high of $34.59. The stock has a market cap of $688.51 million, a price-to-earnings ratio of -2.64 and a beta of 1.50. The company’s 50-day moving average price is $11.09 and its 200 day moving average price is $15.05. The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.95.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Caisse de depot et placement du Quebec bought a new stake in Canadian Solar during the second quarter valued at approximately $2,262,141,000. Wellington Management Group LLP bought a new position in Canadian Solar during the 2nd quarter valued at approximately $1,018,259,000. Deutsche Bank AG purchased a new position in shares of Canadian Solar in the second quarter worth $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Canadian Solar in the second quarter worth $676,361,000. Finally, BlackRock Inc. purchased a new stake in shares of Canadian Solar in the 2nd quarter worth $85,219,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc. is a global solar technology and renewable energy company founded in 2001 by Shawn Qu. The company manufactures photovoltaic solar modules and battery energy storage products for residential, commercial and utility-scale applications. Through its project development and services businesses, including Recurrent Energy, Canadian Solar develops, builds and operates solar power and energy storage projects. Its products and projects serve customers in markets around the world. Founder Shawn Qu has served as the company’s chairman and chief executive officer.