Canadian Solar Inc. (NASDAQ:CSIQ) Receives Average Rating of “Hold” from Analysts

Canadian Solar Inc. (NASDAQ:CSIQ) has been assigned a consensus rating of “Hold” from the nine brokerages that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $26.80.

A number of equities analysts have weighed in on CSIQ shares. Zacks Investment Research cut shares of Canadian Solar from a “hold” rating to a “strong sell” rating and set a $24.00 price objective for the company. in a research report on Tuesday. ValuEngine cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 3rd. Roth Capital restated a “buy” rating and set a $32.00 price objective on shares of Canadian Solar in a research report on Monday, December 2nd. Goldman Sachs Group upgraded shares of Canadian Solar from a “neutral” rating to a “buy” rating in a research report on Friday, January 3rd. Finally, BidaskClub upgraded shares of Canadian Solar from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, January 8th.

Shares of CSIQ traded down $0.41 during trading hours on Wednesday, hitting $23.04. The stock had a trading volume of 28,590 shares, compared to its average volume of 729,343. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.95 and a current ratio of 1.09. The firm has a 50-day moving average price of $20.38 and a 200 day moving average price of $20.19. Canadian Solar has a fifty-two week low of $14.50 and a fifty-two week high of $25.89. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 7.02, a PEG ratio of 0.23 and a beta of 2.14.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Tuesday, November 12th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.22). Canadian Solar had a net margin of 6.77% and a return on equity of 12.91%. The firm had revenue of $759.90 million during the quarter, compared to analyst estimates of $799.55 million. During the same quarter in the prior year, the firm earned $1.09 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, analysts predict that Canadian Solar will post 1.7 EPS for the current fiscal year.

Canadian Solar announced that its Board of Directors has initiated a share buyback plan on Monday, December 9th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the solar energy provider to buy up to 13% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Man Group plc purchased a new stake in shares of Canadian Solar in the third quarter valued at about $703,000. Virtu Financial LLC purchased a new position in Canadian Solar during the third quarter worth about $298,000. State Street Corp boosted its stake in Canadian Solar by 19.1% during the third quarter. State Street Corp now owns 67,363 shares of the solar energy provider’s stock worth $1,272,000 after buying an additional 10,800 shares during the period. SG Americas Securities LLC boosted its stake in Canadian Solar by 31.9% during the third quarter. SG Americas Securities LLC now owns 23,329 shares of the solar energy provider’s stock worth $440,000 after buying an additional 5,643 shares during the period. Finally, First Trust Advisors LP boosted its stake in Canadian Solar by 1.0% during the third quarter. First Trust Advisors LP now owns 58,213 shares of the solar energy provider’s stock worth $1,099,000 after buying an additional 590 shares during the period. 39.85% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Canadian Solar (NASDAQ:CSIQ)

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