Shares of Canadian Solar Inc. (NASDAQ:CSIQ) have earned a consensus recommendation of “Buy” from the ten research firms that are covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $22.50.
Several equities analysts have commented on CSIQ shares. JPMorgan Chase & Co. set a $25.00 target price on shares of Canadian Solar and gave the stock a “hold” rating in a research report on Friday, June 21st. ValuEngine raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, May 30th. BidaskClub cut shares of Canadian Solar from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 11th. Finally, Zacks Investment Research raised shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, June 20th.
Hedge funds have recently modified their holdings of the company. Financial Gravity Wealth Inc. purchased a new stake in shares of Canadian Solar during the 1st quarter worth approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Canadian Solar in the 2nd quarter valued at approximately $68,000. Advisor Group Inc. grew its stake in Canadian Solar by 14.7% in the 2nd quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock valued at $107,000 after buying an additional 629 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Canadian Solar by 260.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 7,463 shares of the solar energy provider’s stock valued at $139,000 after buying an additional 5,391 shares in the last quarter. Finally, Macquarie Group Ltd. purchased a new position in Canadian Solar in the 4th quarter valued at approximately $118,000. Institutional investors own 40.93% of the company’s stock.
Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, May 30th. The solar energy provider reported ($0.29) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.44) by $0.15. Canadian Solar had a net margin of 6.29% and a return on equity of 12.92%. The firm had revenue of $484.70 million for the quarter, compared to analysts’ expectations of $468.25 million. During the same quarter last year, the firm earned $0.72 EPS. The company’s quarterly revenue was down 46.2% compared to the same quarter last year. On average, research analysts predict that Canadian Solar will post 2.45 EPS for the current fiscal year.
Canadian Solar Company Profile
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.
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