Canadian Solar (NASDAQ:CSIQ) Price Target Lowered to $15.00 at Roth Mkm

Canadian Solar (NASDAQ:CSIQ) had its price objective trimmed by Roth Mkm from $30.00 to $15.00 in a report published on Monday,Benzinga reports. The firm currently has a neutral rating on the solar energy provider’s stock.

A number of other equities analysts have also commented on the company. Mizuho upgraded Canadian Solar from an “underperform” rating to a “neutral” rating and lowered their price objective for the stock from $21.00 to $19.00 in a research note on Tuesday, March 17th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Daiwa Securities Group raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a report on Tuesday, December 2nd. Finally, Oppenheimer decreased their price target on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Canadian Solar has an average rating of “Reduce” and an average price target of $17.66.

Canadian Solar Stock Performance

NASDAQ CSIQ opened at $13.10 on Monday. The firm has a 50-day moving average price of $19.31 and a two-hundred day moving average price of $19.76. Canadian Solar has a 12-month low of $6.57 and a 12-month high of $34.59. The company has a market capitalization of $877.31 million, a P/E ratio of -5.24 and a beta of 1.31. The company has a quick ratio of 0.83, a current ratio of 1.02 and a debt-to-equity ratio of 0.97.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) EPS for the quarter, missing the consensus estimate of ($1.10) by ($0.56). Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%.The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the business posted $0.48 earnings per share. The firm’s revenue for the quarter was down 20.0% compared to the same quarter last year. Analysts anticipate that Canadian Solar will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. increased its holdings in Canadian Solar by 20.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after purchasing an additional 92,002 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Canadian Solar by 67.4% during the second quarter. SG Americas Securities LLC now owns 31,666 shares of the solar energy provider’s stock worth $350,000 after purchasing an additional 12,745 shares during the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of Canadian Solar by 14.5% during the second quarter. TD Waterhouse Canada Inc. now owns 30,044 shares of the solar energy provider’s stock worth $336,000 after purchasing an additional 3,800 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Canadian Solar by 21.7% in the second quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock valued at $20,039,000 after buying an additional 324,254 shares during the period. Finally, Inceptionr LLC bought a new position in Canadian Solar in the 2nd quarter valued at approximately $152,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.