Canadian Solar Inc. (NASDAQ:CSIQ) Receives Average Rating of "Hold" from Brokerages

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) have received an average recommendation of "Hold" from the eleven research firms that are currently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $18.31.

A number of analysts recently issued reports on CSIQ shares. StockNews.com cut Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 17th. Mizuho began coverage on Canadian Solar in a research note on Friday, December 13th. They issued an "outperform" rating and a $20.00 price target for the company. Citigroup lowered shares of Canadian Solar from a "neutral" rating to a "sell" rating and cut their price objective for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They issued a "buy" rating and a $14.15 target price for the company. Finally, The Goldman Sachs Group lowered shares of Canadian Solar from a "neutral" rating to a "sell" rating and dropped their price target for the stock from $14.00 to $11.00 in a research note on Tuesday, December 17th.

Canadian Solar Price Performance

NASDAQ:CSIQ traded up $0.17 during trading hours on Friday, reaching $10.96. 1,915,315 shares of the company's stock were exchanged, compared to its average volume of 1,374,313. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. Canadian Solar has a 12 month low of $10.22 and a 12 month high of $24.32. The company has a market capitalization of $725.11 million, a P/E ratio of -91.33, a price-to-earnings-growth ratio of 0.68 and a beta of 1.27. The business's 50-day simple moving average is $11.83 and its two-hundred day simple moving average is $13.40.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, beating analysts' consensus estimates of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the prior year, the firm earned $0.32 earnings per share. The business's quarterly revenue was down 18.4% on a year-over-year basis. Sell-side analysts expect that Canadian Solar will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently added to or reduced their stakes in CSIQ. Rhumbline Advisers raised its stake in shares of Canadian Solar by 34.6% in the second quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider's stock valued at $287,000 after purchasing an additional 5,003 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Canadian Solar by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider's stock worth $276,000 after acquiring an additional 1,383 shares during the period. Marshall Wace LLP boosted its position in shares of Canadian Solar by 26.3% during the 2nd quarter. Marshall Wace LLP now owns 60,143 shares of the solar energy provider's stock valued at $887,000 after acquiring an additional 12,513 shares in the last quarter. Mackenzie Financial Corp increased its stake in Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider's stock valued at $75,456,000 after acquiring an additional 1,037,800 shares during the period. Finally, Scientech Research LLC acquired a new position in Canadian Solar in the second quarter worth about $504,000. Institutional investors and hedge funds 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.