Goldman lifts Canadian Solar Inc. [CSIQ] price estimate. Who else is bullish?

Canadian Solar Inc. [NASDAQ: CSIQ] plunged by -$3.25 during the normal trading session on Thursday and reaching a high of $45.60 during the day while it closed the day at $43.76. The company report on September 1, 2022 that Canadian Solar Awarded 253 MWp Solar plus 1,000 MWh Battery Energy Storage Project in Chile Public Tender.


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Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ) today announced it was awarded a 253 MWp solar plus 1,000 MWh battery energy storage project (“Zaldivar Project”) in Chile’s public tender CNE 2022/01 held by Chile’s Energy National Commission (CNE) in July 2022. The CNE awarded a total of 777 GWh/year of new generation backed by three different new renewable projects, of which the Zaldivar Project will account for 16%.

The Zaldivar Project, located in Antofagasta Region, is currently at mid-stage development. The project is expected to start construction in 2024 and reach commercial operation in 2026. Once in operation, part of the electricity generated by solar will be purchased by a pool of distribution companies under 15-year U.S. dollar-dominated power purchase agreements (PPAs), and the remaining will be purchased by private energy off-takers.

Canadian Solar Inc. stock has also loss -3.12% of its value over the past 7 days. However, CSIQ stock has inclined by 26.15% in the 3 months of the year. Over the past six months meanwhile, it has gained 18.14% and gained 39.85% year-on date.

The market cap for CSIQ stock reached $2.85 billion, with 64.26 million shares outstanding and 50.52 million shares in the current float. Compared to the average trading volume of 1.17M shares, CSIQ reached a trading volume of 2585257 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Canadian Solar Inc. [CSIQ]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CSIQ shares is $44.80 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CSIQ stock is a recommendation set at 2.60. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Goldman have made an estimate for Canadian Solar Inc. shares, keeping their opinion on the stock as Sell, with their previous recommendation back on September 08, 2022. While these analysts kept the previous recommendation, Wells Fargo raised their target price to Equal Weight. The new note on the price target was released on November 23, 2021, representing the official price target for Canadian Solar Inc. stock. Previously, the target price had yet another raise to $71, while Citigroup analysts kept a Buy rating on CSIQ stock. On January 05, 2021, analysts increased their price target for CSIQ shares from 43 to 48.

The Average True Range (ATR) for Canadian Solar Inc. is set at 2.68, with the Price to Sales ratio for CSIQ stock in the period of the last 12 months amounting to 0.45. The Price to Book ratio for the last quarter was 1.57, with the Price to Cash per share for the same quarter was set at 16.18.

CSIQ stock trade performance evaluation

Canadian Solar Inc. [CSIQ] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.12. With this latest performance, CSIQ shares gained by 9.81% in over the last four-week period, additionally plugging by 18.14% over the last 6 months – not to mention a rise of 20.25% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CSIQ stock in for the last two-week period is set at 55.24, with the RSI for the last a single of trading hit 50.79, and the three-weeks RSI is set at 57.23 for Canadian Solar Inc. [CSIQ]. The present Moving Average for the last 50 days of trading for this stock 37.40, while it was recorded at 44.98 for the last single week of trading, and 32.64 for the last 200 days.

Canadian Solar Inc. [CSIQ]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Canadian Solar Inc. [CSIQ] shares currently have an operating margin of +2.72 and a Gross Margin at +17.23. Canadian Solar Inc.’s Net Margin is presently recorded at +1.80.

Return on Equity for this stock inclined to 5.65, with Return on Assets sitting at 1.37.

Canadian Solar Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.20.

Earnings per share (EPS) analysis for Canadian Solar Inc. [CSIQ] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CSIQ. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Canadian Solar Inc. go to 12.00%.

Canadian Solar Inc. [CSIQ]: Insider Ownership positions

There are presently around $1,329 million, or 57.90% of CSIQ stock, in the hands of institutional investors. The top three institutional holders of CSIQ stocks are: BLACKROCK INC. with ownership of 4,797,608, which is approximately 12.691% of the company’s market cap and around 31.00% of the total institutional ownership; GRANTHAM, MAYO, VAN OTTERLOO & CO. LLC, holding 4,055,928 shares of the stock with an approximate value of $177.49 million in CSIQ stocks shares; and MACKENZIE FINANCIAL CORP, currently with $119.36 million in CSIQ stock with ownership of nearly 4.803% of the company’s market capitalization.

Positions in Canadian Solar Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 66 institutional holders increased their position in Canadian Solar Inc. [NASDAQ:CSIQ] by around 4,072,824 shares. Additionally, 90 investors decreased positions by around 2,624,180 shares, while 38 investors held positions by with 23,662,150 shares. The mentioned changes placed institutional holdings at 30,359,154 shares, according to the latest SEC report filing. CSIQ stock had 15 new institutional investments in for a total of 232,102 shares, while 29 institutional investors sold positions of 365,378 shares during the same period.

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