Canadian Solar Inc. (NASDAQ:CSIQ), announced that it confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering of common equity of a YieldCo vehicle. The number of securities to be sold and the price range for the proposed offering have not yet been determined. The initial public offering is subject to the SEC review process, market and other conditions.
This news release is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933 and does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. (Original Source)
Shares of Canadian Solar closed yesterday at $23.23. CSIQ has a 1-year high of $40.08 and a 1-year low of $14.16. The stock’s 50-day moving average is $19.90 and its 200-day moving average is $26.39.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on October 27, Canaccord Genuity analyst Jonathan Dorsheimer reiterated a Buy rating on CSIQ, with a price target of $29, which represents a potential upside of 24.8% from where the stock is currently trading. Separately, on September 28, Stifel Nicolaus’ Sven Eenmaa initiated coverage with a Buy rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Dorsheimer and Sven Eenmaa have a total average return of -5.1% and -7.7% respectively. Dorsheimer has a success rate of 39.5% and is ranked #3606 out of 3824 analysts, while Eenmaa has a success rate of 44.4% and is ranked #3200.
Overall, 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $34.50 which is 48.5% above where the stock closed yesterday.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.