Canadian Solar (NASDAQ:CSIQ) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Canadian Solar (NASDAQ:CSIQ) in a research report report published on Friday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $14.15 target price on the solar energy provider’s stock.

A number of other analysts have also commented on the stock. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Oppenheimer reduced their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. Glj Research lifted their target price on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group dropped their target price on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, August 26th. Finally, Roth Mkm lowered their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and a consensus price target of $19.94.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $11.91 on Friday. The company has a fifty day moving average price of $13.74 and a 200 day moving average price of $14.97. Canadian Solar has a 1-year low of $10.91 and a 1-year high of $26.85. The firm has a market cap of $787.95 million, a PE ratio of 23.35, a PEG ratio of 3.69 and a beta of 1.34. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the firm earned $2.39 EPS. Canadian Solar’s revenue for the quarter was down 30.8% compared to the same quarter last year. Research analysts predict that Canadian Solar will post 0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of CSIQ. Mackenzie Financial Corp boosted its holdings in shares of Canadian Solar by 25.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after buying an additional 1,037,800 shares during the period. DNB Asset Management AS boosted its holdings in shares of Canadian Solar by 31.4% during the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock worth $13,083,000 after acquiring an additional 211,820 shares during the period. State Street Corp grew its position in shares of Canadian Solar by 5.6% in the third quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock valued at $8,159,000 after purchasing an additional 25,901 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Canadian Solar by 131.5% during the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares during the period. Finally, Robotti Robert lifted its holdings in Canadian Solar by 92.5% during the 1st quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock worth $6,234,000 after purchasing an additional 151,610 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.