Analysts Set Canadian Solar Inc. (NASDAQ:CSIQ) Target Price at $18.04

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) has been assigned an average recommendation of "Hold" from the ten brokerages that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $18.04.

Several equities analysts recently commented on the stock. Mizuho initiated coverage on shares of Canadian Solar in a research note on Friday, December 13th. They issued an "outperform" rating and a $20.00 price objective for the company. The Goldman Sachs Group lowered Canadian Solar from a "neutral" rating to a "sell" rating and cut their price objective for the stock from $14.00 to $11.00 in a research note on Tuesday, December 17th. Wells Fargo & Company decreased their price target on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, January 8th. StockNews.com downgraded shares of Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Finally, Jefferies Financial Group initiated coverage on Canadian Solar in a research note on Friday, November 22nd. They set a "buy" rating and a $14.15 price target on the stock.

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Canadian Solar Price Performance

Shares of Canadian Solar stock traded up $0.91 during trading on Friday, reaching $10.69. 1,871,215 shares of the company's stock were exchanged, compared to its average volume of 1,815,158. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. Canadian Solar has a 1-year low of $9.19 and a 1-year high of $21.05. The company has a market cap of $707.37 million, a P/E ratio of -89.43, a PEG ratio of 0.74 and a beta of 1.34. The firm's 50-day moving average price is $10.58 and its 200 day moving average price is $12.18.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds and other institutional investors have recently modified their holdings of CSIQ. USCF Advisers LLC lifted its holdings in Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider's stock worth $28,000 after acquiring an additional 1,000 shares during the period. Wells Fargo & Company MN increased its holdings in Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after buying an additional 3,347 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider's stock worth $149,000 after acquiring an additional 1,500 shares during the period. Sciencast Management LP bought a new position in shares of Canadian Solar during the 4th quarter valued at approximately $113,000. Finally, Miracle Mile Advisors LLC purchased a new stake in shares of Canadian Solar during the 4th quarter worth approximately $133,000. Hedge funds and other institutional investors own 52.36% of the company's stock.

Canadian Solar Company Profile

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.