Canadian Solar (NASDAQ:CSIQ) Given New $32.00 Price Target at Roth Capital

Canadian Solar (NASDAQ:CSIQ) had its price objective hoisted by equities researchers at Roth Capital from $27.00 to $32.00 in a report issued on Friday, The Fly reports. The firm presently has a “buy” rating on the solar energy provider’s stock. Roth Capital’s price target would suggest a potential upside of 36.81% from the company’s previous close.

A number of other analysts have also weighed in on CSIQ. Zacks Investment Research upgraded Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Thursday, June 20th. BidaskClub upgraded Canadian Solar from a “hold” rating to a “buy” rating in a research note on Saturday, August 3rd. Cascend Securities restated a “buy” rating and issued a $30.00 target price (up from $25.00) on shares of Canadian Solar in a research note on Friday. ValuEngine lowered Canadian Solar from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. set a $25.00 target price on Canadian Solar and gave the company a “hold” rating in a research note on Friday, June 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $24.29.

Shares of NASDAQ CSIQ traded up $0.31 during midday trading on Friday, reaching $23.39. 1,583,000 shares of the company traded hands, compared to its average volume of 516,321. The firm has a market cap of $1.39 billion, a PE ratio of 7.13, a PEG ratio of 0.26 and a beta of 2.22. The stock’s 50-day simple moving average is $21.40 and its 200-day simple moving average is $20.77. Canadian Solar has a 12 month low of $12.69 and a 12 month high of $25.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 1.01.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, August 15th. The solar energy provider reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.54. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $990.29 million. Canadian Solar had a return on equity of 12.92% and a net margin of 6.29%. The business’s revenue was up 59.4% on a year-over-year basis. During the same period last year, the business earned $0.26 earnings per share. On average, equities research analysts expect that Canadian Solar will post 2.45 EPS for the current year.

Several large investors have recently made changes to their positions in CSIQ. Financial Gravity Wealth Inc. acquired a new stake in shares of Canadian Solar in the first quarter valued at $26,000. Bank of Montreal Can increased its stake in shares of Canadian Solar by 59.4% in the second quarter. Bank of Montreal Can now owns 2,951 shares of the solar energy provider’s stock valued at $65,000 after buying an additional 1,100 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Canadian Solar in the second quarter valued at $68,000. C M Bidwell & Associates Ltd. increased its stake in shares of Canadian Solar by 30.0% in the second quarter. C M Bidwell & Associates Ltd. now owns 4,530 shares of the solar energy provider’s stock valued at $99,000 after buying an additional 1,045 shares in the last quarter. Finally, Advisor Group Inc. increased its stake in shares of Canadian Solar by 14.7% in the second quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock valued at $107,000 after buying an additional 629 shares in the last quarter. Institutional investors own 41.10% of the company’s stock.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

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