Canadian Solar Inc. (NASDAQ:CSIQ) Receives Consensus Recommendation of “Hold” from Brokerages

Canadian Solar Inc. (NASDAQ:CSIQ) has earned an average recommendation of “Hold” from the eleven research firms that are covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $18.31.

Several equities research analysts have recently weighed in on the stock. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Mizuho initiated coverage on shares of Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective for the company. Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Finally, The Goldman Sachs Group lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $14.00 to $11.00 in a report on Tuesday, December 17th.

Canadian Solar Trading Up 1.3 %

Shares of CSIQ opened at $10.77 on Wednesday. Canadian Solar has a twelve month low of $9.56 and a twelve month high of $22.95. The company has a market cap of $712.54 million, a P/E ratio of -89.75, a P/E/G ratio of 0.67 and a beta of 1.26. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The company’s fifty day simple moving average is $11.18 and its 200-day simple moving average is $12.66.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The business’s revenue for the quarter was down 18.4% on a year-over-year basis. As a group, analysts expect that Canadian Solar will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. USCF Advisers LLC grew its position in shares of Canadian Solar by 66.7% in the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after buying an additional 1,000 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Canadian Solar by 184.0% in the 4th 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. Sciencast Management LP acquired a new stake in Canadian Solar in the 4th quarter worth approximately $113,000. Miracle Mile Advisors LLC acquired a new stake in Canadian Solar in the 4th quarter worth approximately $133,000. Finally, Daiwa Securities Group Inc. boosted its stake in Canadian Solar by 20.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after purchasing an additional 1,500 shares in the last quarter. 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.