Canadian Solar (NASDAQ:CSIQ) Earns Hold Rating from Analysts at StockNews.com

Canadian Solar (NASDAQ:CSIQ) Earns Hold Rating from Analysts at StockNews.com

Posted by on Oct 8th, 2023

Canadian Solar Inc. logoStockNews.com began coverage on shares of Canadian Solar (NASDAQ:CSIQFree Report) in a report released on Thursday. The firm issued a hold rating on the solar energy provider’s stock.

A number of other analysts have also weighed in on CSIQ. JPMorgan Chase & Co. upped their price objective on Canadian Solar from $44.00 to $46.00 in a research report on Wednesday, July 19th. Roth Mkm cut their price objective on Canadian Solar from $70.00 to $50.00 and set a buy rating on the stock in a research report on Wednesday, August 23rd. Oppenheimer reaffirmed an outperform rating and set a $68.00 price objective on shares of Canadian Solar in a research report on Wednesday, August 23rd. UBS Group cut their price objective on Canadian Solar from $50.00 to $47.00 and set a buy rating on the stock in a research report on Tuesday, August 29th. Finally, Citigroup dropped their target price on Canadian Solar from $42.00 to $30.00 and set a neutral rating on the stock in a report on Wednesday, August 23rd. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Canadian Solar presently has a consensus rating of Moderate Buy and an average price target of $46.14.

Check Out Our Latest Analysis on Canadian Solar

Canadian Solar Stock Up 1.6 %

Shares of NASDAQ CSIQ opened at $21.89 on Thursday. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 3.77 and a beta of 1.42. The company has a quick ratio of 0.96, a current ratio of 1.22 and a debt-to-equity ratio of 0.36. Canadian Solar has a 52-week low of $21.08 and a 52-week high of $45.29. The business’s 50 day moving average is $28.39 and its two-hundred day moving average is $35.01.

Canadian Solar (NASDAQ:CSIQGet Free Report) last announced its earnings results on Tuesday, August 22nd. The solar energy provider reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.87. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.49 billion. Canadian Solar had a return on equity of 15.92% and a net margin of 5.14%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.07 earnings per share. Research analysts predict that Canadian Solar will post 6.21 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Large investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. acquired a new position in Canadian Solar in the second quarter valued at $33,000. Quarry LP boosted its stake in Canadian Solar by 1,268.6% in the first quarter. Quarry LP now owns 958 shares of the solar energy provider’s stock valued at $38,000 after acquiring an additional 888 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Canadian Solar by 115.7% in the first quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after acquiring an additional 589 shares in the last quarter. State of Tennessee Treasury Department acquired a new position in Canadian Solar in the second quarter valued at $54,000. Finally, Castleview Partners LLC acquired a new position in Canadian Solar in the first quarter valued at $64,000. Institutional investors and hedge funds own 50.35% of the company’s stock.

Canadian Solar Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Canadian Solar (NASDAQ:CSIQ)

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