Canadian Solar Inc. (NASDAQ:CSIQ) Stock Has Average Target Price of $18.52

Key Points

• Analyst sentiment is neutral: Twelve analysts give Canadian Solar an average “Hold” rating, with three buys, six holds and three sells. Their average 12-month price target is $18.52, above the stock’s reported $11.38 opening price.
• Recent financial results were weak: Canadian Solar reported a quarterly loss of $1.40 per share, missing the $0.18 consensus estimate, while revenue fell 28.7% year over year to $1.21 billion despite exceeding revenue expectations.
• Institutional ownership is substantial: Institutional investors own 52.36% of the company, with several major firms—including Caisse de dépôt et placement du Québec, Wellington Management and Deutsche Bank—recently establishing positions.

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) have received an average rating of "Hold" from the twelve analysts that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $18.52.

CSIQ has been the subject of a number of research analyst reports. Glj Research reiterated a "sell" rating and set a $5.58 price target on shares of Canadian Solar in a research report on Thursday, August 27th. Wall Street Zen cut shares of Canadian Solar from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 29th. Wells Fargo & Company lowered their target price on shares of Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research note on Monday, August 31st. Roth Capital set a $15.00 price target on shares of Canadian Solar in a research note on Friday, August 28th. Finally, Weiss Ratings lowered shares of Canadian Solar from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 27th.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $11.38 on Monday. The company has a market capitalization of $772.70 million, a PE ratio of -2.96 and a beta of 1.53. Canadian Solar has a 52-week low of $10.34 and a 52-week high of $34.59. The business's fifty day moving average is $13.21 and its 200 day moving average is $14.73. 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 (NASDAQ:CSIQ - Get Free Report) last posted its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The business had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. Canadian Solar's quarterly revenue was down 28.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.53) earnings per share. On average, equities research analysts anticipate that Canadian Solar will post -2.93 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

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

About Canadian Solar

Canadian Solar Inc NASDAQ: CSIQ is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.

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