Canadian Solar (NASDAQ:CSIQ) Price Target Raised to $17.00

Canadian Solar (NASDAQ:CSIQ) had its price objective upped by stock analysts at Mizuho from $16.00 to $17.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the solar energy provider’s stock. Mizuho’s price target indicates a potential upside of 60.91% from the stock’s previous close.

CSIQ has been the topic of a number of other reports. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Friday. The Goldman Sachs Group increased their price objective on shares of Canadian Solar from $8.00 to $9.00 and gave the stock a “sell” rating in a report on Friday. Roth Capital set a $11.00 target price on Canadian Solar and gave the company a “neutral” rating in a research note on Friday. Wells Fargo & Company lifted their price objective on shares of Canadian Solar from $10.00 to $11.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Citigroup upgraded Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 target price on the stock in a research note on Thursday, April 17th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $16.77.

Canadian Solar Price Performance

Shares of CSIQ traded down $0.29 during midday trading on Monday, hitting $10.57. 613,524 shares of the company traded hands, compared to its average volume of 1,902,070. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. Canadian Solar has a 52 week low of $6.57 and a 52 week high of $21.05. The stock has a market cap of $698.97 million, a price-to-earnings ratio of -88.03, a PEG ratio of 0.74 and a beta of 1.35. The firm has a 50 day moving average of $8.96 and a 200-day moving average of $10.61.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.50) by $0.43. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the business posted $0.19 earnings per share. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. On average, analysts forecast that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Barclays PLC increased its position in Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after buying an additional 95,924 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Canadian Solar by 24.5% in the 4th quarter. SG Americas Securities LLC now owns 85,545 shares of the solar energy provider’s stock worth $951,000 after acquiring an additional 16,815 shares in the last quarter. Shah Capital Management increased its position in Canadian Solar by 825.6% during the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after buying an additional 1,556,964 shares in the last quarter. Waterfront Wealth Inc. increased its holdings in shares of Canadian Solar by 16.9% in the 4th quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after purchasing an additional 26,778 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Canadian Solar by 59.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider’s stock worth $2,010,000 after purchasing an additional 67,331 shares in the last quarter. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.