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

Key Points

• Canadian Solar has a consensus “Reduce” rating among 14 analysts: four recommend selling, seven advise holding, and three recommend buying. The average 12-month price target is $17.75.
• Shares opened at $11.34, near the company’s one-year low of $11.10 and well below the 50-day and 200-day moving averages of $14.38 and $15.39, respectively.
• The company reported a quarterly loss of $1.40 per share, missing estimates by $1.22, while revenue fell 28.7% year over year to $1.21 billion. Canadian Solar posted negative net margins and analysts expect a full-year loss.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) has received a consensus rating of "Reduce" from the fourteen research firms that are presently covering the company, Marketbeat reports. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $17.7473.

A number of equities research analysts have recently commented on the stock. Glj Research reaffirmed a "sell" rating and issued a $5.58 target price on shares of Canadian Solar in a report on Thursday, August 27th. Wall Street Zen cut Canadian Solar from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 29th. Wells Fargo & Company reduced their price objective on Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating for the company in a research note on Monday, August 31st. Mizuho decreased their price objective on Canadian Solar from $18.00 to $17.00 and set a "neutral" rating for the company in a research report on Friday, August 28th. Finally, Weiss Ratings downgraded Canadian Solar from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, August 27th.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $11.34 on Thursday. The stock's 50-day moving average is $14.38 and its two-hundred day moving average is $15.39. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.78 and a current ratio of 1.02. Canadian Solar has a 1 year low of $11.10 and a 1 year high of $34.59. The firm has a market cap of $769.99 million, a price-to-earnings ratio of -2.95 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.18) by ($1.22). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The firm's revenue for the quarter was down 28.7% compared to the same quarter last year. During the same period last year, the company earned ($0.53) earnings per share. Analysts predict that Canadian Solar will post -2.93 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Caisse de depot et placement du Quebec purchased a new position in Canadian Solar during the 2nd quarter worth $2,262,141,000. Wellington Management Group LLP acquired a new stake in shares of Canadian Solar in the 2nd quarter worth $1,018,259,000. Deutsche Bank AG purchased a new stake in shares of Canadian Solar in the second quarter valued at about $722,850,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Canadian Solar in the second quarter valued at about $676,361,000. Finally, BlackRock Inc. acquired a new position in shares of Canadian Solar during the second quarter worth about $85,219,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc NASDAQ: CSIQ is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.

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