Brokerages Set Canadian Solar Inc. (NASDAQ:CSIQ) Target Price at $22.03

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have been assigned a consensus recommendation of “Hold” from the nine brokerages that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $20.59.

CSIQ has been the subject of a number of research reports. Roth Mkm lowered their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Oppenheimer dropped their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, August 23rd. The Goldman Sachs Group reduced their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, August 26th. Glj Research raised their price target on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research note on Tuesday, July 30th. Finally, StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st.

Canadian Solar Price Performance

Canadian Solar stock opened at $10.99 on Monday. The business’s 50-day simple moving average is $13.92 and its 200 day simple moving average is $15.18. The stock has a market cap of $727.09 million, a price-to-earnings ratio of 21.55, a P/E/G ratio of 3.89 and a beta of 1.34. Canadian Solar has a 12-month low of $10.94 and a 12-month high of $26.85. The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the business earned $2.39 earnings per share. The firm’s quarterly revenue was down 30.8% compared to the same quarter last year. As a group, research analysts anticipate that Canadian Solar will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Institutional investors and hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Canadian Solar by 26.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 67,929 shares of the solar energy provider’s stock valued at $1,342,000 after purchasing an additional 14,368 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Canadian Solar by 9.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after buying an additional 1,283 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Canadian Solar by 16.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 76,806 shares of the solar energy provider’s stock worth $1,518,000 after buying an additional 11,092 shares during the period. Shell Asset Management Co. acquired a new position in Canadian Solar in the 1st quarter valued at about $675,000. Finally, Robotti Robert raised its holdings in Canadian Solar by 92.5% in the 1st quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock valued at $6,234,000 after acquiring an additional 151,610 shares during the period. 52.36% of the stock is owned by institutional investors.

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.