Canadian Solar (NASDAQ:CSIQ) PT Lowered to $35.00 at UBS Group

Canadian Solar (NASDAQ:CSIQ) had its price target lowered by UBS Group from $38.00 to $35.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the solar energy provider’s stock.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group dropped their price target on shares of Canadian Solar from $28.00 to $24.00 and set a neutral rating on the stock in a research note on Friday, March 15th. Wells Fargo & Company lowered their target price on shares of Canadian Solar from $28.00 to $23.00 and set an equal weight rating on the stock in a research report on Tuesday, March 19th. Citigroup lowered their target price on shares of Canadian Solar from $26.00 to $24.00 and set a neutral rating on the stock in a research report on Friday, March 15th. StockNews.com raised shares of Canadian Solar from a sell rating to a hold rating in a research report on Thursday, April 11th. Finally, Roth Mkm reissued a buy rating and set a $25.00 target price on shares of Canadian Solar in a research report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $28.89.

Canadian Solar Price Performance

CSIQ opened at $17.04 on Wednesday. Canadian Solar has a 12-month low of $14.11 and a 12-month high of $41.51. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $1.13 billion, a P/E ratio of 5.92, a PEG ratio of 0.35 and a beta of 1.35. The stock has a fifty day moving average of $16.98 and a 200-day moving average of $20.23.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.20. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the prior year, the business posted $1.19 earnings per share. Canadian Solar’s revenue for the quarter was down 21.1% compared to the same quarter last year. Equities analysts forecast that Canadian Solar will post 2.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp grew its position in shares of Canadian Solar by 27.1% in the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock valued at $103,661,000 after purchasing an additional 843,100 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Canadian Solar by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock valued at $48,343,000 after buying an additional 8,317 shares during the period. Creative Planning lifted its stake in shares of Canadian Solar by 103.3% in the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock valued at $9,961,000 after buying an additional 205,671 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Canadian Solar by 8.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock valued at $326,000 after buying an additional 928 shares during the period. Finally, Cerity Partners LLC bought a new stake in shares of Canadian Solar in the fourth quarter valued at about $2,540,000. 52.36% of the stock is owned by institutional investors and hedge funds.

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.