Canadian Solar Inc. (NASDAQ:CSIQ) Given Average Recommendation of “Reduce” by Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has received a consensus rating of “Reduce” from the twelve analysts that are presently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $17.6640.

A number of brokerages have commented on CSIQ. Oppenheimer cut their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, March 20th. Mizuho decreased their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday. Roth Mkm lowered their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday. Daiwa Securities Group raised shares of 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, Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th.

Canadian Solar Trading Up 7.9%

Canadian Solar stock opened at $14.31 on Thursday. The company has a market cap of $958.34 million, a price-to-earnings ratio of -5.72 and a beta of 1.31. The firm has a 50-day moving average of $19.00 and a 200-day moving average of $19.74. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83. Canadian Solar has a one year low of $6.57 and a one year high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) earnings per share (EPS) 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 return on equity of 4.95% and a negative net margin of 1.86%.The business’s revenue was down 20.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.48 EPS. On average, equities analysts expect that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar in the second quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd grew its position in Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after buying an additional 2,463 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new position in Canadian Solar during the 4th quarter worth $48,000. Quarry LP bought a new position in Canadian Solar during the 4th quarter worth $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Canadian Solar by 7.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after acquiring an additional 312 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

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.