Canadian Solar Inc. (NASDAQ:CSIQ) Receives $14.39 Average Price Target from Brokerages

Key Points

• Canadian Solar Inc. has received a consensus recommendation of "Hold" from eight brokerage firms, with ratings including one sell, three holds, and four buys.
• The average one-year price target for the stock is set at $14.39, with individual targets ranging from as low as $9.00 to as high as $17.00.
• For the last quarter, Canadian Solar reported earnings per share of ($1.07), beating the consensus estimate of ($1.50), despite a year-over-year revenue decline of 10%.

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) have earned a consensus recommendation of "Hold" from the eight ratings firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $14.3938.

CSIQ has been the topic of a number of analyst reports. Mizuho lowered their target price on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a research note on Monday, June 2nd. The Goldman Sachs Group upped their price objective on Canadian Solar from $8.00 to $9.00 and gave the company a "sell" rating in a research note on Friday, May 16th. Citigroup raised Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 target price for the company in a report on Thursday, April 17th. Wells Fargo & Company upped their price target on Canadian Solar from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Friday, May 16th. Finally, Wall Street Zen raised Canadian Solar from a "sell" rating to a "hold" rating in a report on Friday, May 16th.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently made changes to their positions in CSIQ. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at $33,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Canadian Solar in the 1st quarter worth $39,000. Wells Fargo & Company MN boosted its position in shares of Canadian Solar by 184.0% in the 4th 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 last quarter. Summit Securities Group LLC boosted its position in shares of Canadian Solar by 598.5% in the 1st 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 last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Canadian Solar by 141.9% in the 2nd 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 purchasing an additional 5,338 shares during the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Stock Performance

CSIQ stock traded up $0.87 during midday trading on Wednesday, hitting $12.55. 1,860,285 shares of the company traded hands, compared to its average volume of 1,613,960. The business has a 50 day simple moving average of $11.84 and a 200-day simple moving average of $10.40. The stock has a market capitalization of $840.47 million, a price-to-earnings ratio of -25.10 and a beta of 1.35. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.84. Canadian Solar has a twelve month low of $6.57 and a twelve month high of $19.55.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share for the quarter, topping analysts' consensus estimates of ($1.50) by $0.43. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.11 billion. Canadian Solar had a negative net margin of 0.18% and a negative return on equity of 4.34%. The business's revenue was down 10.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.19 earnings per share. As a group, equities research analysts predict 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.