Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $15.00 by Analysts at Roth Mkm

Key Points

• Roth MKM cut its price target on Canadian Solar from $30 to $15 and kept a "neutral" rating; other firms have also lowered targets, leaving a consensus price target of $17.66 and a consensus rating of "Reduce".
• Shares fell 9.6% to $12.89 after the company reported a quarter that missed estimates (EPS ($1.66) vs. ($1.10) expected; revenue $1.22B vs. $1.37B), with revenue down 20% year-over-year and negative margins.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) had its target price lowered by equities research analysts at Roth Mkm from $30.00 to $15.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the solar energy provider's stock. Roth Mkm's price target would suggest a potential upside of 16.34% from the company's current price.

Other equities analysts have also recently issued reports about the company. Oppenheimer lowered their price objective on Canadian Solar from $38.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday. Weiss Ratings restated a "sell (d+)" rating on shares of Canadian Solar in a research note on Monday, December 29th. Daiwa Securities Group raised Canadian Solar from a "neutral" rating to an "outperform" rating and set a $30.00 price target on the stock in a report on Tuesday, December 2nd. Finally, Mizuho upgraded Canadian Solar from an "underperform" rating to a "neutral" rating and reduced their price objective for the stock from $21.00 to $19.00 in a report on Tuesday, March 17th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Canadian Solar currently has a consensus rating of "Reduce" and a consensus price target of $17.66.

Canadian Solar Stock Down 9.6%

CSIQ stock traded down $1.37 during trading on Monday, hitting $12.89. 3,148,432 shares of the stock traded hands, compared to its average volume of 3,038,210. Canadian Solar has a 1 year low of $6.57 and a 1 year high of $34.59. The firm's 50 day moving average is $19.45 and its two-hundred day moving average is $19.74. The stock has a market cap of $863.44 million, a price-to-earnings ratio of -5.16 and a beta of 1.31. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.56). The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.37 billion. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%.The firm's quarterly revenue was down 20.0% on a year-over-year basis. During the same period last year, the firm posted $0.48 earnings per share. On average, sell-side analysts anticipate that Canadian Solar will post -0.23 EPS for the current year.

Institutional Trading of Canadian Solar

Large investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. bought a new stake in shares of Canadian Solar during the 4th quarter valued at $48,000. Quarry LP bought a new position in Canadian Solar in the 4th quarter worth $54,000. Taikang Asset Management Hong Kong Co Ltd purchased a new stake in Canadian Solar in the 4th quarter worth $69,000. Raymond James Financial Inc. bought a new stake in Canadian Solar during the second quarter valued at about $33,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Canadian Solar by 335.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider's stock valued at $42,000 after acquiring an additional 2,463 shares in the last quarter. Institutional investors own 52.36% of the company's stock.

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.

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