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

Canadian Solar Inc. (NASDAQ:CSIQ) has earned a consensus recommendation of “Reduce” from the thirteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $18.6640.

Several equities research analysts recently issued reports on the stock. Mizuho raised their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, June 15th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Wall Street Zen raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Oppenheimer decreased their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, March 20th. Finally, Wells Fargo & Company lowered their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th.

Insider Buying and Selling at Canadian Solar

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total value of $28,610.16. The disclosure for this sale is available in the SEC filing. Company insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in Canadian Solar by 20.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after purchasing an additional 92,002 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Canadian Solar by 141.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock valued at $100,000 after buying an additional 5,338 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Canadian Solar by 20.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock valued at $9,539,000 after buying an additional 145,867 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Canadian Solar during the second quarter valued at approximately $33,000. Finally, Balyasny Asset Management L.P. purchased a new stake in Canadian Solar during the second quarter worth approximately $790,000. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Stock Performance

NASDAQ CSIQ opened at $14.45 on Friday. The business’s 50-day moving average price is $16.94 and its 200 day moving average price is $18.14. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. Canadian Solar has a twelve month low of $9.41 and a twelve month high of $34.59. The company has a market capitalization of $981.15 million, a PE ratio of -5.73 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $950.43 million. During the same quarter in the previous year, the business earned ($1.07) EPS. The firm’s revenue was down 9.9% on a year-over-year basis. On average, research analysts predict that Canadian Solar will post -1.81 earnings per share for the current 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.