Canadian Solar (NASDAQ:CSIQ) Price Target Raised to $17.00

Canadian Solar (NASDAQ:CSIQ) had its target price raised by Mizuho from $16.00 to $17.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the solar energy provider’s stock. Mizuho’s price target indicates a potential upside of 60.91% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. Wells Fargo & Company increased their price target on Canadian Solar from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Friday. Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 price objective for the company in a report on Thursday, April 17th. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Friday. Roth Capital set a $11.00 target price on shares of Canadian Solar and gave the company a “neutral” rating in a research report on Friday. Finally, The Goldman Sachs Group increased their price target on shares of Canadian Solar from $8.00 to $9.00 and gave the company a “sell” rating in a research report on Friday. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and an average target price of $16.77.

Canadian Solar Stock Down 2.6%

Canadian Solar stock traded down $0.29 during midday trading on Monday, reaching $10.57. The stock had a trading volume of 613,524 shares, compared to its average volume of 1,902,070. Canadian Solar has a 12 month low of $6.57 and a 12 month high of $21.05. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The company has a fifty day moving average price of $8.96 and a two-hundred day moving average price of $10.61. The company has a market capitalization of $698.97 million, a P/E ratio of -88.03, a PEG ratio of 0.74 and a beta of 1.35.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates of ($1.50) by $0.43. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the company earned $0.19 earnings per share. The business’s revenue for the quarter was down 10.0% on a year-over-year basis. As a group, equities analysts expect that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Several large investors have recently added to or reduced their stakes in CSIQ. Caitong International Asset Management Co. Ltd acquired a new position in shares of Canadian Solar in the 1st quarter valued at $39,000. Wells Fargo & Company MN boosted its holdings in Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after purchasing an additional 3,347 shares during the last quarter. Summit Securities Group LLC raised its position in shares of Canadian Solar by 598.5% in the first quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider’s stock valued at $61,000 after purchasing an additional 6,015 shares during the period. Sciencast Management LP bought a new stake in shares of Canadian Solar during the 4th quarter valued at $113,000. Finally, Templeton & Phillips Capital Management LLC boosted its stake in shares of Canadian Solar by 14.6% in the 1st quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider’s stock valued at $125,000 after purchasing an additional 1,843 shares in the last quarter. 52.36% of the stock is owned by institutional investors.

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.