Canadian Solar Inc. (NASDAQ:CSIQ) Receives $31.78 Average Price Target from Analysts

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) have received a consensus recommendation of "Hold" from the nine analysts that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $31.78.

Several analysts recently commented on CSIQ shares. The Goldman Sachs Group reduced their price target on shares of Canadian Solar from $28.00 to $24.00 and set a "neutral" rating for the company in a research report on Friday, March 15th. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $28.00 to $23.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 19th. StockNews.com upgraded shares of Canadian Solar from a "sell" rating to a "hold" rating in a research report on Thursday, April 11th. Daiwa Capital Markets began coverage on shares of Canadian Solar in a research report on Monday, March 11th. They set a "neutral" rating and a $21.00 price objective for the company. Finally, Citigroup cut their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a "neutral" rating for the company in a research report on Friday, March 15th.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently bought and sold shares of CSIQ. Mackenzie Financial Corp grew its stake in Canadian Solar by 27.1% during the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider's stock worth $103,661,000 after buying an additional 843,100 shares during the period. Vanguard Group Inc. grew its stake in Canadian Solar by 0.4% during the third quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider's stock worth $48,343,000 after buying an additional 8,317 shares during the period. Creative Planning grew its stake in Canadian Solar by 103.3% during the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider's stock worth $9,961,000 after buying an additional 205,671 shares during the period. DekaBank Deutsche Girozentrale grew its stake in Canadian Solar by 8.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider's stock worth $326,000 after buying an additional 928 shares during the period. Finally, Cerity Partners LLC acquired a new position in shares of Canadian Solar during the fourth quarter worth $2,540,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Trading Down 0.3 %

Shares of Canadian Solar stock traded down $0.05 on Monday, reaching $15.71. The company had a trading volume of 1,748,117 shares, compared to its average volume of 1,566,876. The firm's 50 day moving average price is $17.35 and its two-hundred day moving average price is $20.61. The firm has a market cap of $1.04 billion, a PE ratio of 5.42, a PEG ratio of 0.29 and a beta of 1.29. Canadian Solar has a 52-week low of $14.11 and a 52-week high of $45.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.02.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings results on Thursday, May 9th. The solar energy provider reported $0.19 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.20. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The company had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter in the previous year, the business posted $1.19 EPS. The firm's revenue was down 21.1% on a year-over-year basis. Sell-side analysts predict that Canadian Solar will post 2.2 earnings per share for the current fiscal year.

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.