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

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have received a consensus rating of “Reduce” from the thirteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $18.3640.

A number of analysts have issued reports on CSIQ shares. Roth Mkm lowered their target price on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Mizuho lowered their target price on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Oppenheimer lowered their target price on 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 decreased their price objective on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th.

Canadian Solar Stock Performance

CSIQ opened at $17.04 on Tuesday. The firm has a market capitalization of $1.16 billion, a P/E ratio of -6.76 and a beta of 1.49. The stock’s 50 day moving average price is $15.94 and its two-hundred day moving average price is $19.31. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. Canadian Solar has a 12-month low of $9.41 and a 12-month high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The company’s revenue was down 9.9% on a year-over-year basis. During the same quarter last year, the firm posted ($1.07) EPS. On average, equities analysts forecast that Canadian Solar will post -1.16 earnings per share for the current year.

Insider Activity at Canadian Solar

In other news, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total value of $28,610.16. The SEC filing for this sale provides additional information. 21.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Optiver Holding B.V. acquired a new stake in Canadian Solar in the 1st quarter valued at $44,000. Bank of America Corp DE boosted its stake in Canadian Solar by 292.7% in the 1st quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock valued at $14,840,000 after buying an additional 798,610 shares in the last quarter. Entropy Technologies LP acquired a new stake in Canadian Solar in the 1st quarter valued at $210,000. Renaissance Technologies LLC acquired a new stake in Canadian Solar in the 1st quarter valued at $6,921,000. Finally, Caxton Associates LLP boosted its stake in Canadian Solar by 33.4% in the 1st quarter. Caxton Associates LLP now owns 73,654 shares of the solar energy provider’s stock valued at $1,020,000 after buying an additional 18,442 shares in the last quarter. Institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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.