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

Canadian Solar Inc. (NASDAQ:CSIQ) has been given a consensus rating of “Hold” by the eleven ratings firms that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $18.31.

Several equities analysts recently commented on the company. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Mizuho began coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Jefferies Financial Group began coverage on Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. Wells Fargo & Company lowered their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their target price for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th.

Canadian Solar Stock Up 2.6 %

Shares of NASDAQ:CSIQ opened at $11.07 on Wednesday. Canadian Solar has a 1 year low of $9.56 and a 1 year high of $21.99. The company has a market capitalization of $732.38 million, a PE ratio of -92.25, a price-to-earnings-growth ratio of 0.74 and a beta of 1.26. The business has a fifty day moving average price of $11.06 and a two-hundred day moving average price of $12.56. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.32 earnings per share. Analysts forecast that Canadian Solar will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp boosted its holdings in Canadian Solar by 6.9% in the 4th quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock valued at $61,422,000 after purchasing an additional 357,900 shares during the period. Shell Asset Management Co. raised its position in shares of Canadian Solar by 11.4% in the fourth quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock worth $450,000 after buying an additional 4,134 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Canadian Solar in the fourth quarter worth $308,000. Bayesian Capital Management LP bought a new stake in Canadian Solar during the fourth quarter valued at $331,000. Finally, BNP Paribas Financial Markets grew its position in Canadian Solar by 32.0% during the fourth quarter. BNP Paribas Financial Markets now owns 323,238 shares of the solar energy provider’s stock worth $3,594,000 after buying an additional 78,306 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

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.