Other research analysts have also issued reports about the stock. ValuEngine upgraded shares of Canadian Solar from a strong sell rating to a sell rating in a research note on Thursday, November 28th. Cascend Securities reiterated a buy rating and issued a $30.00 target price (up from $25.00) on shares of Canadian Solar in a research note on Friday, August 16th. Finally, Roth Capital reiterated a buy rating and issued a $32.00 target price on shares of Canadian Solar in a research note on Monday, December 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $25.50.
Shares of CSIQ opened at $20.31 on Thursday. The company’s fifty day moving average is $16.91 and its 200-day moving average is $20.01. Canadian Solar has a 12 month low of $13.46 and a 12 month high of $25.89. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 6.19, a price-to-earnings-growth ratio of 0.37 and a beta of 2.05. The company has a quick ratio of 0.95, a current ratio of 1.09 and a debt-to-equity ratio of 0.40.
Canadian Solar declared that its board has initiated a share repurchase plan on Monday, December 9th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the solar energy provider to repurchase up to 13% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of institutional investors have recently modified their holdings of CSIQ. First Trust Advisors LP boosted its holdings in Canadian Solar by 3.9% in the 1st quarter. First Trust Advisors LP now owns 57,098 shares of the solar energy provider’s stock valued at $1,064,000 after purchasing an additional 2,148 shares during the period. Janney Montgomery Scott LLC bought a new stake in Canadian Solar in the 2nd quarter valued at $1,310,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Canadian Solar in the 2nd quarter valued at $68,000. Advisor Group Inc. boosted its holdings in Canadian Solar by 14.7% in the 2nd quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock valued at $107,000 after purchasing an additional 629 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Canadian Solar by 540.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 36,000 shares of the solar energy provider’s stock valued at $792,000 after purchasing an additional 30,379 shares during the period. 39.86% of the stock is owned by hedge funds and other institutional investors.
About Canadian Solar
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.
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