Mizuho Cuts Canadian Solar (NASDAQ:CSIQ) Price Target to $15.00

Canadian Solar (NASDAQ:CSIQ) had its target price trimmed by Mizuho from $19.00 to $15.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a neutral rating on the solar energy provider’s stock.

Several other research firms also recently commented on CSIQ. Daiwa Securities Group upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a report on Tuesday, December 2nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a report on Monday, December 29th. Oppenheimer reduced their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, March 20th. Finally, Roth Mkm decreased their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Canadian Solar currently has a consensus rating of “Reduce” and an average target price of $17.66.

Canadian Solar Price Performance

CSIQ stock opened at $14.31 on Monday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83. The company’s 50-day moving average is $19.00 and its 200-day moving average is $19.74. The stock has a market capitalization of $958.34 million, a PE ratio of -5.72 and a beta of 1.31. Canadian Solar has a 1 year low of $6.57 and a 1 year high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) EPS for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.56). Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm earned $0.48 earnings per share. The business’s quarterly revenue was down 20.0% on a year-over-year basis. Equities research analysts expect that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. purchased a new position in Canadian Solar during the fourth quarter worth about $48,000. Quarry LP purchased a new stake in Canadian Solar in the 4th quarter valued at about $54,000. Taikang Asset Management Hong Kong Co Ltd bought a new position in shares of Canadian Solar during the 4th quarter worth approximately $69,000. Raymond James Financial Inc. bought a new position in shares of Canadian Solar during the 2nd quarter worth approximately $33,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after buying an additional 2,463 shares during the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

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.