Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $36.00

Canadian Solar (NASDAQ:CSIQ) had its price objective dropped by UBS Group from $47.00 to $36.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the solar energy provider’s stock. UBS Group’s target price would suggest a potential upside of 79.55% from the company’s current price.

A number of other research firms have also recently weighed in on CSIQ. StockNews.com initiated coverage on shares of Canadian Solar in a research report on Thursday, October 5th. They set a “hold” rating for the company. Oppenheimer reduced their price target on shares of Canadian Solar from $68.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. cut Canadian Solar from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $32.00 to $22.00 in a report on Wednesday. Roth Mkm reduced their target price on Canadian Solar from $70.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, August 23rd. Finally, Roth Capital lowered their price target on Canadian Solar from $50.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $37.75.

Canadian Solar Stock Performance

Shares of CSIQ stock traded down $0.46 on Friday, hitting $20.05. The company had a trading volume of 263,603 shares, compared to its average volume of 1,188,821. Canadian Solar has a twelve month low of $17.82 and a twelve month high of $45.29. The company has a quick ratio of 0.96, a current ratio of 1.16 and a debt-to-equity ratio of 0.40. The firm has a market cap of $1.29 billion, a P/E ratio of 4.01 and a beta of 1.49. The company has a 50-day moving average price of $22.95 and a 200-day moving average price of $31.49.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Tuesday, November 14th. The solar energy provider reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.50). Canadian Solar had a net margin of 4.48% and a return on equity of 11.98%. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the firm posted $1.12 EPS. The firm’s quarterly revenue was down 4.5% on a year-over-year basis. As a group, equities research analysts predict that Canadian Solar will post 6.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Creative Planning boosted its stake in Canadian Solar by 103.3% during the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock worth $9,961,000 after buying an additional 205,671 shares during the last quarter. Toroso Investments LLC boosted its position in shares of Canadian Solar by 361.8% during the 3rd quarter. Toroso Investments LLC now owns 25,433 shares of the solar energy provider’s stock valued at $626,000 after acquiring an additional 19,926 shares during the last quarter. GSA Capital Partners LLP grew its holdings in shares of Canadian Solar by 40.3% in the third quarter. GSA Capital Partners LLP now owns 8,822 shares of the solar energy provider’s stock valued at $217,000 after purchasing an additional 2,532 shares during the period. Schroder Investment Management Group increased its position in Canadian Solar by 13.4% during the third quarter. Schroder Investment Management Group now owns 1,361,724 shares of the solar energy provider’s stock worth $33,512,000 after purchasing an additional 161,224 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Canadian Solar by 34.0% during the third quarter. Legal & General Group Plc now owns 175,749 shares of the solar energy provider’s stock worth $4,325,000 after purchasing an additional 44,548 shares during the period. Institutional investors and hedge funds own 50.35% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.