Canadian Solar (CSIQ) Now Covered by Goldman Sachs Group

Research analysts at Goldman Sachs Group initiated coverage on shares of Canadian Solar (NASDAQ:CSIQ) in a research note issued to investors on Tuesday. The firm set a “neutral” rating and a $19.00 price target on the solar energy provider’s stock. Goldman Sachs Group’s price objective would suggest a potential upside of 12.23% from the stock’s current price.

CSIQ has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Monday, November 13th. B. Riley set a $15.00 price objective on shares of Canadian Solar and gave the company a “hold” rating in a research report on Monday, December 11th. Cowen restated a “hold” rating and issued a $17.00 price objective on shares of Canadian Solar in a research report on Sunday, October 22nd. Roth Capital upgraded shares of Canadian Solar from a “neutral” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Friday, November 10th. Finally, JPMorgan Chase & Co. downgraded shares of Canadian Solar from a “neutral” rating to an “underweight” rating and set a $15.00 price objective for the company. in a research report on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $18.82.

Shares of Canadian Solar (NASDAQ:CSIQ) traded down $0.02 on Tuesday, hitting $16.93. 576,400 shares of the stock traded hands, compared to its average volume of 760,043. Canadian Solar has a twelve month low of $10.86 and a twelve month high of $19.09. The firm has a market capitalization of $999.30, a P/E ratio of 41.29, a price-to-earnings-growth ratio of 0.36 and a beta of 3.10. The company has a quick ratio of 0.88, a current ratio of 0.95 and a debt-to-equity ratio of 0.45.

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

Several hedge funds have recently bought and sold shares of CSIQ. Schwab Charles Investment Management Inc. lifted its position in shares of Canadian Solar by 83.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 49,323 shares of the solar energy provider’s stock valued at $786,000 after acquiring an additional 22,399 shares during the period. First Trust Advisors LP increased its stake in shares of Canadian Solar by 16.6% during the 2nd quarter. First Trust Advisors LP now owns 60,070 shares of the solar energy provider’s stock worth $956,000 after purchasing an additional 8,567 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Canadian Solar by 111.1% during the 2nd quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock worth $124,000 after purchasing an additional 4,100 shares in the last quarter. Pacad Investment Ltd. purchased a new position in shares of Canadian Solar during the 2nd quarter worth approximately $115,000. Finally, Quantitative Investment Management LLC purchased a new position in shares of Canadian Solar during the 2nd quarter worth approximately $2,803,000. Institutional investors own 42.08% of the company’s stock.

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About Canadian Solar

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.

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