5 Cheap Solar Stocks To Buy According To Analysts

4. Canadian Solar Inc. (NASDAQ:CSIQ)

Average analyst price target: $39.43

Average analyst price target upside as of November 6: 82.88%

Canadian Solar Inc. (NASDAQ:CSIQ) is a well-known solar energy solutions company that has more than 23 manufacturing facilities in Asia and the Americas.

On October 30, Canadian Solar Inc. (NASDAQ:CSIQ) announced that it will be taking another step to expand its footprint in the U.S. by constructing a solar photovoltaic cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana. At the $800 million facility, the company will make PV cells with an annual output of 5 GW.

In Q2, Canadian Solar Inc. (NASDAQ:CSIQ)’s stock was owned by 16 hedge funds, down from 17 in the previous quarter. However, the combined hedge fund investments increased to $205.689 million in Q2 from $173.964 million in the previous quarter. Citadel Investment Group was the biggest shareholder of the company as it increased its stake significantly by 66% to 1.46 million shares worth $56.56 million.

On October 26, Canadian Solar Inc. (NASDAQ:CSIQ)’s subsidiary, e-STORAGE, further solidified its position as one of the top players in the energy storage integration market system market globally. e-STORAGE was given a supply and integration contract for its iconic 1 GWh DC of energy storage solutions. DEPCOM Power, Inc. will utilize the energy system for its Roadrunner Reserve System project, which will be run by Tucson Electric Power (TEP).