Canadian Solar Inc. (NASDAQ:CSIQ) Given Average Recommendation of “Reduce” by Analysts

Canadian Solar Inc. (NASDAQ:CSIQ) has been assigned an average rating of “Reduce” from the twelve research firms that are currently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $17.6640.

A number of brokerages have weighed in on CSIQ. Daiwa Securities Group raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a report on Tuesday, December 2nd. Roth Mkm lowered their price target on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a report on Monday. Mizuho reduced their price objective on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Finally, Oppenheimer lowered their target price on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, March 20th.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp increased its position in 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 purchasing an additional 405,800 shares in the last quarter. Invesco Ltd. boosted its position 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 buying an additional 356,625 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Canadian Solar by 13.0% during 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 buying an additional 236,115 shares during the last quarter. Polunin Capital Partners Ltd bought a new stake 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 during the third quarter worth $11,544,000. 52.36% of the stock is owned by institutional investors.

Canadian Solar Stock Up 7.9%

CSIQ stock opened at $14.31 on Thursday. The company has a market cap of $958.34 million, a PE ratio of -5.72 and a beta of 1.31. The business has a 50-day simple moving average of $19.00 and a 200 day simple moving average of $19.74. Canadian Solar has a 52 week low of $6.57 and a 52 week high of $34.59. The company has a quick ratio of 0.83, a current ratio of 1.02 and a debt-to-equity ratio of 0.97.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) EPS for the quarter, missing the consensus estimate of ($1.10) by ($0.56). The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.37 billion. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. Canadian Solar’s quarterly revenue was down 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.48 earnings per share. Sell-side analysts anticipate that Canadian Solar will post -0.23 EPS for the current fiscal year.

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.