Canadian Solar Inc. (NASDAQ:CSIQ) Given Consensus Recommendation of “Hold” by Analysts

Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating) has earned an average recommendation of “Hold” from the six research firms that are covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $42.00.

CSIQ has been the topic of a number of recent research reports. Citigroup cut shares of Canadian Solar from a “buy” rating to a “neutral” rating and cut their target price for the stock from $45.00 to $44.00 in a report on Thursday, March 9th. Wells Fargo & Company boosted their price objective on Canadian Solar from $33.00 to $46.00 and gave the company an “equal weight” rating in a research report on Thursday, February 9th. The Goldman Sachs Group increased their target price on Canadian Solar from $33.00 to $36.00 in a research report on Monday, January 30th. Finally, StockNews.com raised shares of Canadian Solar from a “hold” rating to a “buy” rating in a report on Wednesday.

Canadian Solar Price Performance

Shares of CSIQ opened at $36.57 on Thursday. The company has a current ratio of 1.07, a quick ratio of 0.78 and a debt-to-equity ratio of 0.45. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 10.63 and a beta of 1.46. Canadian Solar has a 52 week low of $22.15 and a 52 week high of $47.69. The stock has a 50 day moving average of $38.77 and a 200-day moving average of $37.31.

Canadian Solar (NASDAQ:CSIQ – Get Rating) last released its earnings results on Tuesday, March 21st. The solar energy provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.63. Canadian Solar had a net margin of 3.21% and a return on equity of 11.06%. The firm had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The firm’s revenue for the quarter was up 29.0% compared to the same quarter last year. As a group, analysts forecast that Canadian Solar will post 5.3 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Ariose Capital Management Ltd bought a new position in shares of Canadian Solar in the first quarter valued at approximately $19,243,000. Schroder Investment Management Group boosted its stake in Canadian Solar by 29.8% during the 4th quarter. Schroder Investment Management Group now owns 1,921,194 shares of the solar energy provider’s stock valued at $59,365,000 after purchasing an additional 441,403 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in shares of Canadian Solar by 264.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 586,734 shares of the solar energy provider’s stock valued at $18,130,000 after purchasing an additional 425,816 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Canadian Solar in the third quarter valued at $13,935,000. Finally, Decade Renewable Partners LP bought a new position in Canadian Solar during the fourth quarter valued at about $11,529,000. 47.95% of the stock is owned by institutional investors and hedge funds.

About Canadian Solar

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Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules, provision of solar energy and battery storage solutions, and development of utility-scale solar and battery storage products. It operates through the CSI Solar and Global Energy segments. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.