Canadian Solar Inc. (NASDAQ:CSIQ) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Canadian Solar has a consensus “Hold” rating from 13 brokerages: seven holds, three sells and three buys. Analysts’ average 12-month price target is $19.36, above the stock’s recent $13.65 price.
• Recent analyst sentiment has been mixed, with Citigroup upgrading the stock to neutral and raising its target to $18, while Wells Fargo cut its target to $17 and Freedom Capital downgraded the shares to hold.
• Canadian Solar beat quarterly expectations with an adjusted loss of $0.71 per share versus the estimated $1.06 loss, while revenue reached $1.08 billion but declined 9.9% year over year; the company remains unprofitable, with analysts forecasting a full-year loss.

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) have received an average rating of "Hold" from the thirteen brokerages that are currently covering the company, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $19.3640.

Several research firms recently weighed in on CSIQ. Wall Street Zen raised Canadian Solar from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. Citigroup upgraded Canadian Solar from a "sell" rating to a "neutral" rating and boosted their target price for the stock from $11.00 to $18.00 in a research report on Wednesday, July 22nd. Wells Fargo & Company lowered their target price on Canadian Solar from $23.00 to $17.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 8th. Freedom Capital cut Canadian Solar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Finally, Mizuho lifted their price target on Canadian Solar from $15.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, June 15th.

Insider Activity

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the firm's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The disclosure for this sale is available in the SEC filing. Company insiders own 21.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CSIQ. Raymond James Financial Inc. purchased a new stake in Canadian Solar in the 2nd quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd increased its position in Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider's stock worth $42,000 after buying an additional 2,463 shares in the last quarter. Optiver Holding B.V. purchased a new position in Canadian Solar during the first quarter worth $44,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Canadian Solar in the fourth quarter worth $48,000. Finally, Quarry LP acquired a new position in shares of Canadian Solar in the fourth quarter worth $54,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Trading Down 1.0%

Shares of CSIQ opened at $13.65 on Wednesday. Canadian Solar has a twelve month low of $9.41 and a twelve month high of $34.59. 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 firm has a market capitalization of $926.84 million, a P/E ratio of -5.42 and a beta of 1.51. The firm's 50-day moving average is $16.22 and its two-hundred day moving average is $16.98.

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

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