Brokerages Set Canadian Solar Inc. (NASDAQ:CSIQ) Price Target at $18.31

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have received an average recommendation of “Hold” from the eleven analysts that are currently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $18.31.

CSIQ has been the topic of a number of research analyst reports. Mizuho initiated coverage on shares of Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective on the stock. Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective on the stock. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Finally, StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st.

Canadian Solar Stock Down 0.6 %

Shares of NASDAQ:CSIQ opened at $11.28 on Wednesday. The company has a market cap of $746.27 million, a price-to-earnings ratio of -94.00, a PEG ratio of 0.72 and a beta of 1.26. The firm’s 50-day simple moving average is $11.09 and its 200-day simple moving average is $12.62. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. Canadian Solar has a fifty-two week low of $9.56 and a fifty-two week high of $22.48.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.32 earnings per share. As a group, equities research analysts predict that Canadian Solar will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

Institutional investors have recently modified their holdings of the company. USCF Advisers LLC raised its stake in Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after purchasing an additional 1,000 shares during the period. Wells Fargo & Company MN raised its stake in Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after purchasing an additional 3,347 shares during the period. Daiwa Securities Group Inc. raised its stake in Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after purchasing an additional 1,500 shares during the period. Sciencast Management LP purchased a new position in Canadian Solar during the fourth quarter worth approximately $113,000. Finally, Miracle Mile Advisors LLC purchased a new position in Canadian Solar during the fourth quarter worth approximately $133,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.