Roth Mkm Reiterates Buy Rating for Canadian Solar (NASDAQ:CSIQ)

Canadian Solar (NASDAQ:CSIQ)‘s stock had its “buy” rating reiterated by research analysts at Roth Mkm in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $25.00 target price on the solar energy provider’s stock. Roth Mkm’s target price indicates a potential upside of 41.56% from the company’s previous close.

A number of other analysts also recently weighed in on CSIQ. Wells Fargo & Company cut their price target on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, March 19th. The Goldman Sachs Group cut their price target on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, March 15th. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Daiwa Capital Markets started coverage on shares of Canadian Solar in a research note on Monday, March 11th. They issued a “neutral” rating and a $21.00 price objective for the company. Finally, Citigroup dropped their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Canadian Solar has a consensus rating of “Hold” and an average price target of $29.00.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ opened at $17.66 on Wednesday. The company’s 50 day moving average price is $17.10 and its two-hundred day moving average price is $20.49. Canadian Solar has a 12-month low of $14.11 and a 12-month high of $45.29. The firm has a market cap of $1.17 billion, a PE ratio of 6.13, a PEG ratio of 0.29 and a beta of 1.29. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.20. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the business posted $1.19 EPS. The business’s revenue was down 21.1% compared to the same quarter last year. Equities research analysts predict that Canadian Solar will post 2.2 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently modified their holdings of CSIQ. USCF Advisers LLC increased its position in shares of Canadian Solar by 87.5% during the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock worth $39,000 after buying an additional 700 shares during the period. Daiwa Securities Group Inc. increased its position in shares of Canadian Solar by 72.1% during the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after buying an additional 3,100 shares during the period. Private Advisor Group LLC acquired a new stake in shares of Canadian Solar during the fourth quarter worth $201,000. Campbell & CO Investment Adviser LLC increased its position in shares of Canadian Solar by 51.3% during the third quarter. Campbell & CO Investment Adviser LLC now owns 8,447 shares of the solar energy provider’s stock worth $208,000 after buying an additional 2,865 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in shares of Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after buying an additional 1,283 shares during the period. Institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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.