Analysts Set Canadian Solar Inc. (NASDAQ:CSIQ) PT at $18.66

Canadian Solar Inc. (NASDAQ:CSIQ) has been given a consensus recommendation of “Reduce” by the thirteen research firms that are currently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $18.6640.

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

Insider Activity

In related 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 value of $34,368.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

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

Canadian Solar Price Performance

CSIQ traded up $0.03 on Friday, reaching $15.02. The stock had a trading volume of 1,154,578 shares, compared to its average volume of 2,434,457. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -5.96 and a beta of 1.51. Canadian Solar has a fifty-two week low of $9.41 and a fifty-two week high of $34.59. The firm has a 50-day moving average of $16.98 and a 200-day moving average of $17.84.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. During the same period last year, the firm posted ($1.07) earnings per share. The business’s revenue for the quarter was down 9.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Canadian Solar will post -1.81 EPS for the current year.

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.