Canadian Solar Inc. (NASDAQ:CSIQ) announced that it has filed a prospectus supplement to sell up to an aggregate of US$100.0 million of its common shares through an at-the-market equity offering program. The common shares will be offered through Credit Suisse as sales agent.
Sales, if any, of the common shares under the at-the-market equity offering program will be made from time to time, at the Company’s discretion, by means of ordinary broker transactions, including on the NASDAQ, in negotiated transactions at market prices, or as otherwise agreed with the sales agent. Canadian Solar intends to use the net proceeds from the sales of its common shares for general corporate purposes, which may include solar power project development and working capital.
The common shares will be offered under the Company’s automatic shelf registration statement on Form F-3, which was filed on January 4, 2016 and became effective upon filing. A prospectus supplement and a related base prospectus describing the terms of the offering have been filed with theSecurities and Exchange Commission (the “SEC”). Investors are advised to read the prospectus supplement and the related base prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the at-the-market offering. A copy of the prospectus supplement and the base prospectus relating to these securities may be obtained from Credit Suisse Securities (USA) LLC. (Original Source)
Shares of Canadian Solar closed last Thursday at $28.96, up $0.32 or 1.12%. 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 $24.76 and its 200-day moving average is $23.20.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on December 18, FBR analyst Aditya Satghare initiated coverage with a Buy rating on CSIQ and a price target of $32, which implies an upside of 10.5% from current levels. Separately, on December 17, Canaccord Genuity’s Jonathan Dorsheimer reiterated a Buy rating on the stock and has a price target of $35.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Aditya Satghare and Jonathan Dorsheimer have a total average return of -17.0% and 0.2% respectively. Satghare has a success rate of 36.8% and is ranked #3457 out of 3648 analysts, while Dorsheimer has a success rate of 44.4% and is ranked #2057.
The street is mostly Bullish on CSIQ stock. Out of 4 analysts who cover the stock, 3 suggest a Buy rating and one recommends to Hold the stock.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.