Canadian Solar Inc. (NASDAQ:CSIQ) Receives $14.39 Consensus Price Target from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has been assigned an average rating of “Hold” from the eight research firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $14.3938.

A number of brokerages have recently commented on CSIQ. Wall Street Zen raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Friday, May 16th. Wells Fargo & Company increased their target price on shares of Canadian Solar from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Friday, May 16th. Roth Capital set a $11.00 target price on shares of Canadian Solar and gave the company a “neutral” rating in a report on Friday, May 16th. Mizuho reduced their target price on shares of Canadian Solar from $17.00 to $15.00 and set an “outperform” rating on the stock in a report on Monday, June 2nd. Finally, The Goldman Sachs Group increased their target price on shares of Canadian Solar from $8.00 to $9.00 and gave the company a “sell” rating in a report on Friday, May 16th.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $12.55 on Wednesday. The company’s fifty day moving average price is $11.87 and its 200-day moving average price is $10.41. The firm has a market capitalization of $840.47 million, a price-to-earnings ratio of -25.10 and a beta of 1.35. Canadian Solar has a one year low of $6.57 and a one year high of $19.55. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.07 and a quick ratio of 0.80.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates of ($1.50) by $0.43. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.11 billion. Canadian Solar had a negative net margin of 0.18% and a negative return on equity of 4.34%. The business’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.19 EPS. On average, equities research analysts anticipate that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

A number of large investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp grew its holdings in Canadian Solar by 7.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after acquiring an additional 405,800 shares during the last quarter. IvyRock Asset Management HK Ltd grew its holdings in Canadian Solar by 87.8% in the 1st quarter. IvyRock Asset Management HK Ltd now owns 2,607,700 shares of the solar energy provider’s stock worth $22,557,000 after acquiring an additional 1,219,200 shares during the last quarter. Invesco Ltd. grew its holdings in Canadian Solar by 15.5% in the 1st quarter. Invesco Ltd. now owns 2,311,596 shares of the solar energy provider’s stock worth $19,995,000 after acquiring an additional 310,564 shares during the last quarter. Vanguard Group Inc. grew its holdings in Canadian Solar by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider’s stock worth $22,544,000 after acquiring an additional 23,355 shares during the last quarter. Finally, Shah Capital Management grew its holdings in Canadian Solar by 9.2% in the 1st quarter. Shah Capital Management now owns 1,906,285 shares of the solar energy provider’s stock worth $16,489,000 after acquiring an additional 160,739 shares during the last quarter. Institutional investors 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.