Canadian Solar (NASDAQ:CSIQ) Price Target Raised to $17.00 at Mizuho

Canadian Solar (NASDAQ:CSIQ) had its target price lifted by Mizuho from $16.00 to $17.00 in a research report sent to investors on Monday,Benzinga reports. Mizuho currently has an outperform rating on the solar energy provider’s stock.

Several other research firms also recently weighed in on CSIQ. Roth Capital set a $11.00 target price on shares of Canadian Solar and gave the stock a “neutral” rating in a research report on Friday. The Goldman Sachs Group raised their target price on Canadian Solar from $8.00 to $9.00 and gave the stock a “sell” rating in a research report on Friday. StockNews.com upgraded Canadian Solar from a “sell” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company upped their target price on Canadian Solar from $10.00 to $11.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 price objective on the stock in a research report on Thursday, April 17th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Solar currently has a consensus rating of “Hold” and a consensus price target of $16.77.

Canadian Solar Stock Performance

CSIQ opened at $10.68 on Monday. The business has a 50 day moving average price of $8.98 and a two-hundred day moving average price of $10.58. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The company has a market capitalization of $706.58 million, a price-to-earnings ratio of -89.00, a price-to-earnings-growth ratio of 0.74 and a beta of 1.35. Canadian Solar has a 1-year low of $6.57 and a 1-year high of $21.05.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) EPS for the quarter, topping the consensus estimate of ($1.50) by $0.43. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the business earned $0.19 earnings per share. Canadian Solar’s revenue for the quarter was down 10.0% compared to the same quarter last year. Research analysts predict that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently added to or reduced their stakes in CSIQ. Charles Schwab Investment Management Inc. lifted its position in shares of Canadian Solar by 59.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider’s stock worth $2,010,000 after acquiring an additional 67,331 shares during the period. Shah Capital Management increased its holdings in shares of Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after buying an additional 1,556,964 shares in the last quarter. Barclays PLC raised its position in Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after purchasing an additional 95,924 shares during the last quarter. Waterfront Wealth Inc. boosted its stake in Canadian Solar by 16.9% in the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after purchasing an additional 26,778 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Canadian Solar by 184.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after buying an additional 3,347 shares during the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

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.