Cowen and Company Reiterates “Hold” Rating for Canadian Solar Inc. (CSIQ)
Canadian Solar Inc. (NASDAQ:CSIQ)‘s stock had its “hold” rating reaffirmed by stock analysts at Cowen and Company in a note issued to investors on Sunday. They currently have a $17.00 target price on the solar energy provider’s stock. Cowen and Company’s target price points to a potential upside of 6.65% from the stock’s previous close.
Several other brokerages also recently weighed in on CSIQ. Barclays PLC downgraded shares of Canadian Solar from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $12.00 to $14.00 in a report on Monday, August 21st. BidaskClub downgraded shares of Canadian Solar from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Axiom Securities reiterated a “buy” rating on shares of Canadian Solar in a report on Thursday, August 10th. Finally, FBR & Co reiterated a “neutral” rating and issued a $15.00 price target (up previously from $13.00) on shares of Canadian Solar in a report on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Canadian Solar presently has an average rating of “Hold” and a consensus price target of $17.51.
Canadian Solar (NASDAQ CSIQ) opened at 15.94 on Friday. The company has a 50 day moving average of $16.34 and a 200-day moving average of $15.04. Canadian Solar has a 12-month low of $10.25 and a 12-month high of $18.12. The stock has a market cap of $923.68 million, a P/E ratio of 37.77 and a beta of 3.15.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Monday, August 14th. The solar energy provider reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.01. Canadian Solar had a net margin of 1.01% and a return on equity of 1.71%. The company had revenue of $692.37 million for the quarter, compared to the consensus estimate of $631.05 million. During the same quarter in the prior year, the company earned $0.68 EPS. Canadian Solar’s quarterly revenue was down 14.1% on a year-over-year basis. Equities analysts forecast that Canadian Solar will post $1.62 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in CSIQ. Pacad Investment Ltd. purchased a new stake in Canadian Solar in the 2nd quarter worth approximately $115,000. Legal & General Group Plc boosted its position in Canadian Solar by 111.1% in the 2nd quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock worth $124,000 after purchasing an additional 4,100 shares in the last quarter. Paloma Partners Management Co purchased a new stake in Canadian Solar in the 1st quarter worth approximately $303,000. Columbus Circle Investors purchased a new stake in Canadian Solar in the 2nd quarter worth approximately $318,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Canadian Solar in the 2nd quarter worth approximately $323,000. Institutional investors and hedge funds own 41.81% of the company’s stock.
About Canadian Solar
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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