Canadian Solar Inc. (NASDAQ:CSIQ) Receives $19.85 Average PT from Brokerages

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have been given an average rating of “Reduce” by the eleven ratings firms that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $19.8489.

Several equities analysts have weighed in on CSIQ shares. UBS Group raised their price objective on Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Daiwa Securities Group upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. increased their price target on Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday, November 14th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $19.64 price objective (up previously from $13.70) on shares of Canadian Solar in a research report on Monday, November 3rd.

Canadian Solar Stock Performance

NASDAQ CSIQ opened at $19.89 on Wednesday. The company has a market cap of $1.33 billion, a P/E ratio of -55.25 and a beta of 1.28. The company has a fifty day simple moving average of $22.66 and a 200 day simple moving average of $18.18. 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 has a 12-month low of $6.57 and a 12-month high of $34.59.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its stake in Canadian Solar by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock valued at $4,748,000 after purchasing an additional 92,002 shares during the last quarter. Bryn Mawr Trust Advisors LLC raised its stake in shares of Canadian Solar by 12.6% in the second quarter. Bryn Mawr Trust Advisors LLC now owns 24,650 shares of the solar energy provider’s stock valued at $272,000 after buying an additional 2,750 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Canadian Solar by 9.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 40,977 shares of the solar energy provider’s stock valued at $452,000 after buying an additional 3,627 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Canadian Solar by 67.4% during the 2nd quarter. SG Americas Securities LLC now owns 31,666 shares of the solar energy provider’s stock worth $350,000 after acquiring an additional 12,745 shares during the period. Finally, TD Waterhouse Canada Inc. increased its holdings in Canadian Solar by 14.5% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 30,044 shares of the solar energy provider’s stock worth $336,000 after acquiring an additional 3,800 shares during the last quarter. 52.36% of the stock is owned by institutional investors.

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.