Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $36.00

Canadian Solar (NASDAQ:CSIQ) had its target price decreased by analysts at UBS Group from $47.00 to $36.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the solar energy provider’s stock. UBS Group’s price objective suggests a potential upside of 76.04% from the stock’s current price.

Several other brokerages have also issued reports on CSIQ. StockNews.com assumed coverage on shares of Canadian Solar in a report on Thursday, October 5th. They issued a “hold” rating for the company. Roth Capital decreased their price target on shares of Canadian Solar from $50.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday. JPMorgan Chase & Co. lowered shares of Canadian Solar from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $32.00 to $22.00 in a report on Wednesday. Oppenheimer decreased their price target on shares of Canadian Solar from $68.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Citigroup decreased their price target on shares of Canadian Solar from $30.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $37.75.

Canadian Solar Price Performance

CSIQ opened at $20.45 on Friday. The company has a fifty day moving average price of $22.83 and a two-hundred day moving average price of $31.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.96 and a current ratio of 1.16. Canadian Solar has a 52 week low of $17.82 and a 52 week high of $45.29. The firm has a market capitalization of $1.32 billion, a PE ratio of 4.08 and a beta of 1.49.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Tuesday, November 14th. The solar energy provider reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.50). Canadian Solar had a return on equity of 11.98% and a net margin of 4.48%. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the firm posted $1.12 EPS. Canadian Solar’s revenue was down 4.5% on a year-over-year basis. As a group, analysts anticipate that Canadian Solar will post 6.21 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently added to or reduced their stakes in CSIQ. Grantham Mayo Van Otterloo & Co. LLC lifted its position in Canadian Solar by 137.9% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,761,422 shares of the solar energy provider’s stock worth $92,569,000 after buying an additional 2,180,240 shares in the last quarter. Acadian Asset Management LLC lifted its position in Canadian Solar by 695.9% during the 2nd quarter. Acadian Asset Management LLC now owns 753,385 shares of the solar energy provider’s stock worth $29,123,000 after buying an additional 658,725 shares in the last quarter. Mackenzie Financial Corp lifted its position in Canadian Solar by 23.4% during the 3rd quarter. Mackenzie Financial Corp now owns 3,108,915 shares of the solar energy provider’s stock worth $69,795,000 after buying an additional 589,400 shares in the last quarter. Ariose Capital Management Ltd bought a new stake in Canadian Solar during the 1st quarter worth about $19,243,000. Finally, Bank of America Corp DE lifted its position in Canadian Solar by 2,094.9% during the 1st quarter. Bank of America Corp DE now owns 471,110 shares of the solar energy provider’s stock worth $18,755,000 after buying an additional 449,646 shares in the last quarter. 50.35% of the stock is owned by institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.