Goldman Sachs Group Initiates Coverage on Canadian Solar (CSIQ)

Stock analysts at Goldman Sachs Group assumed coverage on shares of Canadian Solar (NASDAQ:CSIQ) in a research note issued on Tuesday, January 9th, MarketBeat.com reports. The brokerage set a “neutral” rating and a $19.00 price target on the solar energy provider’s stock. Goldman Sachs Group’s target price would indicate a potential upside of 19.80% from the company’s previous close.

CSIQ has been the topic of a number of other research reports. Zacks Investment Research raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. Cowen reissued a “hold” rating and set a $17.00 target price on shares of Canadian Solar in a report on Sunday, October 22nd. Axiom Securities cut shares of Canadian Solar from a “buy” rating to a “hold” rating and set a $17.00 target price on the stock. in a report on Friday, December 15th. JPMorgan Chase & Co. cut shares of Canadian Solar from a “neutral” rating to an “underweight” rating and set a $15.00 target price on the stock. in a report on Tuesday, December 12th. Finally, Roth Capital raised shares of Canadian Solar from a “neutral” rating to a “buy” rating and set a $24.00 target price on the stock in a report on Friday, November 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $18.82.

Canadian Solar (NASDAQ CSIQ) traded down $0.46 during trading on Tuesday, hitting $15.86. 1,022,600 shares of the company’s stock traded hands, compared to its average volume of 920,633. Canadian Solar has a 1 year low of $10.86 and a 1 year high of $19.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.88 and a current ratio of 0.95. The company has a market cap of $917.76, a PE ratio of 38.68, a P/E/G ratio of 0.34 and a beta of 3.10.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, November 9th. The solar energy provider reported $0.22 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.22. Canadian Solar had a net margin of 0.84% and a return on equity of 1.32%. The firm had revenue of $912.20 million for the quarter, compared to analysts’ expectations of $812.37 million. During the same quarter last year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 38.8% compared to the same quarter last year. sell-side analysts expect that Canadian Solar will post 0.97 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. grew its position in Canadian Solar by 9.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 64,707 shares of the solar energy provider’s stock worth $1,091,000 after acquiring an additional 5,452 shares in the last quarter. Quentec Asset Management LLC grew its position in Canadian Solar by 1.9% in the third quarter. Quentec Asset Management LLC now owns 2,755,665 shares of the solar energy provider’s stock worth $46,405,000 after acquiring an additional 52,412 shares in the last quarter. Columbus Circle Investors grew its position in Canadian Solar by 292.7% in the third quarter. Columbus Circle Investors now owns 78,380 shares of the solar energy provider’s stock worth $1,320,000 after acquiring an additional 58,421 shares in the last quarter. Cipher Capital LP grew its position in Canadian Solar by 11.7% in the third quarter. Cipher Capital LP now owns 108,975 shares of the solar energy provider’s stock worth $1,835,000 after acquiring an additional 11,394 shares in the last quarter. Finally, Global X MANAGEMENT CO LLC grew its position in Canadian Solar by 9.5% in the third quarter. Global X MANAGEMENT CO LLC now owns 41,031 shares of the solar energy provider’s stock worth $691,000 after acquiring an additional 3,550 shares in the last quarter. Institutional investors own 42.08% of the company’s stock.

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Canadian Solar Company Profile

Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.

Analyst Recommendations for Canadian Solar (NASDAQ:CSIQ)

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