Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $15.00 by Analysts at Mizuho

Canadian Solar (NASDAQ:CSIQ) had its price objective reduced by Mizuho from $19.00 to $15.00 in a report released on Monday,Benzinga reports. They currently have a neutral rating on the solar energy provider’s stock.

A number of other analysts have also weighed in on CSIQ. Roth Mkm reduced their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday. Daiwa Securities Group upgraded shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a research note on Tuesday, December 2nd. Oppenheimer cut their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Canadian Solar has a consensus rating of “Reduce” and a consensus price target of $17.66.

Canadian Solar Trading Down 8.1%

Canadian Solar stock opened at $13.10 on Monday. 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 price-to-earnings ratio of -5.24 and a beta of 1.31. The business’s fifty day simple moving average is $19.31 and its two-hundred day simple moving average is $19.76. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) earnings per share for the quarter, missing the consensus estimate of ($1.10) by ($0.56). The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.37 billion. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. Canadian Solar’s revenue was down 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.48 earnings per share. As a group, equities analysts predict that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds have recently modified their holdings of the business. Polunin Capital Partners Ltd bought a new stake in Canadian Solar in the 4th quarter valued at $43,692,000. Two Sigma Investments LP bought a new position in shares of Canadian Solar during the 3rd quarter valued at about $11,544,000. Mackenzie Financial Corp boosted its holdings in shares of Canadian Solar by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after purchasing an additional 405,800 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Canadian Solar by 206.6% during the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock valued at $7,457,000 after purchasing an additional 385,355 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Canadian Solar in the third quarter worth about $5,008,000. Institutional investors 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.