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

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have earned a consensus rating of “Reduce” from the thirteen brokerages that are currently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $18.6640.

CSIQ has been the topic of several recent analyst reports. Roth Capital decreased their price target on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 23rd. Mizuho boosted their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Wall Street Zen raised 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 report on Friday, March 20th. Finally, Freedom Capital downgraded shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th.

Insider Activity at Canadian Solar

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The SEC filing for this sale provides additional information. 21.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Canadian Solar

A number of large investors have recently modified their holdings of CSIQ. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in Canadian Solar in the fourth quarter valued at $48,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Canadian Solar by 43.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider’s stock valued at $164,000 after buying an additional 2,084 shares in the last quarter. LPL Financial LLC lifted its holdings in Canadian Solar by 16.7% during the 4th quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock worth $369,000 after buying an additional 2,219 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in Canadian Solar by 38.6% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after buying an additional 2,254 shares during the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Price Performance

Canadian Solar stock opened at $14.75 on Friday. The company has a fifty day simple moving average of $16.97 and a 200-day simple moving average of $17.92. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of -5.85 and a beta of 1.51. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. Canadian Solar has a 52-week low of $9.41 and a 52-week high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.35. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The business’s revenue was down 9.9% on a year-over-year basis. During the same period last year, the company posted ($1.07) EPS. On average, equities analysts anticipate that Canadian Solar will post -1.81 EPS for the current fiscal year.

Canadian Solar Company Profile

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.