Canadian Solar Inc. (NASDAQ:CSIQ) Receives Average Recommendation of “Reduce” from Analysts

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have earned an average recommendation of “Reduce” from the eleven ratings firms that are presently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $19.8489.

CSIQ has been the subject of a number of recent analyst reports. Daiwa Securities Group upgraded shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Tuesday, December 2nd. Mizuho reiterated an “underperform” rating and set a $21.00 price objective (up from $15.00) on shares of Canadian Solar in a research note on Wednesday, November 19th. Roth Mkm upped their target price on Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, November 17th. JPMorgan Chase & Co. increased their price target on Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, November 14th. Finally, UBS Group boosted their price objective on Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, November 19th.

Canadian Solar Stock Down 11.2%

Shares of Canadian Solar stock opened at $17.71 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.07 and a quick ratio of 0.86. Canadian Solar has a 1-year low of $6.57 and a 1-year high of $34.59. The business’s fifty day moving average price is $21.45 and its two-hundred day moving average price is $19.06. The company has a market capitalization of $1.19 billion, a P/E ratio of -49.19 and a beta of 1.28.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds have recently made changes to their positions in CSIQ. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after purchasing an additional 312 shares in the last quarter. Clear Harbor Asset Management LLC grew its position in Canadian Solar by 4.7% in the third quarter. Clear Harbor Asset Management LLC now owns 18,075 shares of the solar energy provider’s stock valued at $236,000 after acquiring an additional 805 shares during the period. China Universal Asset Management Co. Ltd. bought a new position in shares of Canadian Solar during the fourth quarter valued at $48,000. LPL Financial LLC boosted its stake in shares of Canadian Solar by 16.7% in the 4th quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock valued at $369,000 after purchasing an additional 2,219 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Canadian Solar by 38.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after purchasing an additional 2,254 shares during the last quarter. 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.