Canadian Solar (NASDAQ:CSIQ) Now Covered by Mizuho

Mizuho initiated coverage on shares of Canadian Solar (NASDAQ:CSIQ) in a report issued on Friday, Marketbeat.com reports. The firm issued an outperform rating and a $20.00 price target on the solar energy provider’s stock.

A number of other research firms have also recently commented on CSIQ. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price target on the stock. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Roth Mkm decreased their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Wells Fargo & Company lowered their price target on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 5th. Finally, Oppenheimer reduced their price objective on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, August 23rd. 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.04.

Canadian Solar Stock Up 2.5 %

Shares of NASDAQ CSIQ opened at $12.69 on Friday. Canadian Solar has a 1 year low of $10.91 and a 1 year high of $26.85. The firm has a 50-day simple moving average of $13.00 and a two-hundred day simple moving average of $14.54. The company has a market cap of $839.56 million, a P/E ratio of -105.75, a PEG ratio of 8.89 and a beta of 1.29. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. Canadian Solar’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same period last year, the company earned $0.32 EPS. Research analysts anticipate that Canadian Solar will post 0.06 earnings per share for the current year.

Institutional Trading of Canadian Solar

Hedge funds have recently modified their holdings of the company. Quarry LP bought a new position in shares of Canadian Solar during the 2nd quarter worth approximately $31,000. Daiwa Securities Group Inc. increased its position in shares of Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after purchasing an additional 1,500 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of Canadian Solar during the 3rd quarter valued at $219,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after purchasing an additional 4,739 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in Canadian Solar by 27.6% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock worth $257,000 after buying an additional 3,768 shares during the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

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.