Canadian Solar Inc. (NASDAQ:CSIQ) Given Average Rating of “Hold” by Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has received an average recommendation of “Hold” from the eleven analysts that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $16.58.

CSIQ has been the topic of several analyst reports. The Goldman Sachs Group upped their target price on Canadian Solar from $8.00 to $9.00 and gave the company a “sell” rating in a report on Friday, May 16th. Citigroup upgraded Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 target price on the stock in a report on Thursday, April 17th. Wells Fargo & Company upped their target price on Canadian Solar from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Friday, May 16th. Mizuho reduced their target price on Canadian Solar from $17.00 to $15.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Roth Capital set a $11.00 target price on Canadian Solar and gave the company a “neutral” rating in a report on Friday, May 16th.

Hedge Funds Weigh In On Canadian Solar

A number of institutional investors have recently modified their holdings of CSIQ. Caitong International Asset Management Co. Ltd acquired a new position in shares of Canadian Solar during the first quarter worth approximately $39,000. Wells Fargo & Company MN raised its position in shares of Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after purchasing an additional 3,347 shares during the period. Summit Securities Group LLC raised its position in shares of Canadian Solar by 598.5% during the first quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider’s stock worth $61,000 after purchasing an additional 6,015 shares during the period. Sciencast Management LP acquired a new position in shares of Canadian Solar during the fourth quarter worth approximately $113,000. Finally, Templeton & Phillips Capital Management LLC raised its position in shares of Canadian Solar by 14.6% during the first quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider’s stock worth $125,000 after purchasing an additional 1,843 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Stock Performance

NASDAQ:CSIQ opened at $10.93 on Friday. The stock has a market cap of $732.00 million, a P/E ratio of -91.08, a price-to-earnings-growth ratio of 0.74 and a beta of 1.35. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock’s 50-day moving average is $9.08 and its 200-day moving average is $10.38. Canadian Solar has a 1-year low of $6.57 and a 1-year high of $19.75.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.50) by $0.43. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.20 billion for 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 was down 10.0% on a year-over-year basis. Equities research analysts anticipate that Canadian Solar will post -0.23 earnings per share for the current year.

About Canadian Solar

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.