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

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) have earned an average recommendation of "Hold" from the eleven analysts that are presently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $16.58.

CSIQ has been the topic of several recent research reports. Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 target price on the stock in a report on Thursday, April 17th. Mizuho dropped their price objective 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. Wells Fargo & Company lifted their price objective on shares of Canadian Solar from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Friday, May 16th. The Goldman Sachs Group upped their target price on Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a report on Friday, May 16th. Finally, Wall Street Zen raised Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th.

Canadian Solar Trading Down 3.8%

NASDAQ:CSIQ traded down $0.40 during midday trading on Friday, hitting $10.13. The stock had a trading volume of 316,414 shares, compared to its average volume of 1,870,017. The stock has a 50-day moving average of $9.05 and a 200 day moving average of $10.39. The company has a market capitalization of $678.16 million, a price-to-earnings ratio of -84.50, a PEG ratio of 0.74 and a beta of 1.35. Canadian Solar has a one year low of $6.57 and a one year high of $21.05. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($1.50) by $0.43. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.11 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business's revenue was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 EPS. As a group, sell-side analysts forecast that Canadian Solar will post -0.23 EPS for the current year.

Institutional Trading of Canadian Solar

A number of institutional investors have recently made changes to their positions in CSIQ. IvyRock Asset Management HK Ltd purchased a new stake in Canadian Solar in the fourth quarter valued at about $15,440,000. Greenwoods Asset Management Hong Kong Ltd. acquired a new position in shares of Canadian Solar during the fourth quarter valued at about $7,738,000. Mackenzie Financial Corp raised its position in shares of 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 last quarter. Invesco Ltd. boosted its stake in Canadian Solar by 15.5% in the 1st quarter. Invesco Ltd. now owns 2,311,596 shares of the solar energy provider's stock worth $19,995,000 after purchasing an additional 310,564 shares in the last quarter. Finally, Robotti Robert boosted its stake in Canadian Solar by 55.2% in the 4th quarter. Robotti Robert now owns 487,880 shares of the solar energy provider's stock worth $5,425,000 after purchasing an additional 173,499 shares in the last quarter. Institutional investors and hedge funds 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.