Canadian Solar Inc. (NASDAQ:CSIQ) Receives Average Rating of “Reduce” from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has been given an average rating of “Reduce” by the eleven brokerages that are presently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $19.8489.

A number of equities analysts have recently issued reports on the stock. UBS Group upped their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 19th. Daiwa Securities Group upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research report on Tuesday, December 2nd. JPMorgan Chase & Co. boosted their target price on Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Friday, November 14th. Roth Mkm upped their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, November 17th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $19.64 target price (up from $13.70) on shares of Canadian Solar in a research note on Monday, November 3rd.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CSIQ. Mackenzie Financial Corp grew its position in shares of Canadian Solar by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after buying an additional 405,800 shares during the period. Invesco Ltd. increased its stake in Canadian Solar by 19.3% in the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after purchasing an additional 356,625 shares in the last quarter. Legal & General Group Plc raised its holdings in Canadian Solar by 13.0% in the third 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. Polunin Capital Partners Ltd bought a new position in shares of Canadian Solar during the fourth quarter worth $43,692,000. Finally, Two Sigma Investments LP acquired a new position in shares of Canadian Solar in the 3rd quarter valued at $11,544,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Trading Down 11.2%

CSIQ stock opened at $17.71 on Friday. The business has a fifty day moving average price of $21.45 and a 200 day moving average price of $19.06. Canadian Solar has a fifty-two week low of $6.57 and a fifty-two week high of $34.59. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -49.19 and a beta of 1.28. 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 Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.