Analysts Set Canadian Solar Inc. (NASDAQ:CSIQ) Price Target at $19.85

by · The Cerbat Gem

Canadian Solar Inc. (NASDAQ:CSIQ – Get Free Report) has received an average recommendation of “Reduce” from the eleven brokerages that are currently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $19.8489.

CSIQ has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. UBS Group boosted their price objective on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. Zacks Research upgraded Canadian Solar from a “strong sell” rating to a “hold” rating in a research note on Friday, September 19th. Roth Capital lifted their price target on Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, November 17th. Finally, Wells Fargo & Company cut their price objective on Canadian Solar from $11.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 3rd.

View Our Latest Report on CSIQ

Canadian Solar Trading Up 1.7%

Shares of NASDAQ:CSIQ opened at $23.73 on Tuesday. The business’s 50-day moving average is $22.42 and its 200 day moving average is $15.56. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.07 and a quick ratio of 0.86. Canadian Solar has a 1 year low of $6.57 and a 1 year high of $34.59. The firm has a market capitalization of $1.59 billion, a P/E ratio of -65.91 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ – Get Free Report) last issued its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.08) by $0.50. The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.37 billion. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The company’s revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.31) earnings per share. On average, research analysts predict that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

A number of institutional investors have recently bought and sold shares of CSIQ. Mackenzie Financial Corp boosted its holdings in shares of 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 valued at $64,969,000 after acquiring an additional 405,800 shares during the last quarter. Invesco Ltd. boosted its holdings in Canadian Solar by 15.5% in the first quarter. Invesco Ltd. now owns 2,311,596 shares of the solar energy provider’s stock valued at $19,995,000 after purchasing an additional 310,564 shares during the last quarter. Legal & General Group Plc grew its position in Canadian Solar by 13.0% during the 3rd quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after purchasing an additional 236,115 shares during the period. Shah Capital Management grew its position in Canadian Solar by 9.2% during the 1st quarter. Shah Capital Management now owns 1,906,285 shares of the solar energy provider’s stock worth $16,489,000 after purchasing an additional 160,739 shares during the period. Finally, Greenwoods Asset Management Hong Kong Ltd. raised its stake in shares of Canadian Solar by 60.4% during the 1st quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,115,861 shares of the solar energy provider’s stock valued at $9,652,000 after buying an additional 420,000 shares during the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

(Get Free Report)

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.

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