Canadian Solar (NASDAQ:CSIQ) Now Covered by Analysts at StockNews.com

Stock analysts at StockNews.com initiated coverage on shares of Canadian Solar (NASDAQ:CSIQ – Get Rating) in a research report issued on Thursday. The firm set a “buy” rating on the solar energy provider’s stock.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group upped their target price on Canadian Solar from $33.00 to $36.00 in a report on Monday, January 30th. Wells Fargo & Company increased their target price on Canadian Solar from $33.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 9th. Roth Capital reissued a “buy” rating on shares of Canadian Solar in a report on Wednesday, November 23rd. Finally, Citigroup cut shares of Canadian Solar from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $45.00 to $44.00 in a report on Thursday, March 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Canadian Solar currently has an average rating of “Hold” and an average price target of $42.00.

Canadian Solar Stock Up 2.1 %

Shares of Canadian Solar stock traded up $0.74 on Thursday, hitting $35.77. 990,318 shares of the company’s stock traded hands, compared to its average volume of 1,137,656. Canadian Solar has a 52-week low of $22.15 and a 52-week high of $47.69. The company has a quick ratio of 0.84, a current ratio of 1.17 and a debt-to-equity ratio of 0.55. The stock has a market cap of $2.29 billion, a P/E ratio of 12.88 and a beta of 1.46. The firm’s 50-day moving average is $40.50 and its 200 day moving average is $37.10.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. raised its holdings in shares of Canadian Solar by 4.1% in the 1st quarter. American Century Companies Inc. now owns 31,650 shares of the solar energy provider’s stock worth $1,119,000 after purchasing an additional 1,252 shares in the last quarter. Cetera Advisor Networks LLC increased its holdings in shares of Canadian Solar by 10.2% in the first quarter. Cetera Advisor Networks LLC now owns 11,647 shares of the solar energy provider’s stock valued at $412,000 after buying an additional 1,074 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Canadian Solar by 20.7% during the 1st quarter. Bank of Montreal Can now owns 11,853 shares of the solar energy provider’s stock valued at $416,000 after acquiring an additional 2,036 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Canadian Solar by 115.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock worth $41,000 after acquiring an additional 589 shares during the last quarter. Finally, Cibc World Market Inc. acquired a new stake in shares of Canadian Solar during the first quarter worth $272,000. Institutional investors and hedge funds own 47.95% of the company’s stock.

Canadian Solar Company Profile

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Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules and provides solar energy solutions. It operates through the Module and System Solutions (MSS) and Energy segments. The MSS segment involves in the design, development, manufacture, and sales of solar power products and solar system kits, and operation and maintenance services.