Canadian Solar (NASDAQ:CSIQ) Price Target Lowered to $11.00 at Citigroup

Canadian Solar (NASDAQ:CSIQ) had its price objective lowered by Citigroup from $12.00 to $11.00 in a report released on Wednesday morning,BayStreet.CA reports. The brokerage currently has a sell rating on the solar energy provider’s stock.

A number of other research firms also recently weighed in on CSIQ. Wells Fargo & Company cut their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. Mizuho began coverage on shares of Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price on the stock. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, The Goldman Sachs Group decreased their target price on Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research report on Wednesday. Five analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.84.

Canadian Solar Trading Up 1.8 %

NASDAQ:CSIQ opened at $9.94 on Wednesday. Canadian Solar has a 12-month low of $9.19 and a 12-month high of $21.05. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock’s 50 day simple moving average is $10.33 and its 200-day simple moving average is $12.08. The firm has a market cap of $657.62 million, a P/E ratio of -82.83, a PEG ratio of 0.74 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.26). Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same quarter in the prior year, the company earned ($0.02) EPS. The business’s revenue was down 1.8% on a year-over-year basis. Equities analysts anticipate that Canadian Solar will post -0.23 EPS for the current year.

Institutional Trading of Canadian Solar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Shah Capital Management lifted its position in shares of Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after purchasing an additional 1,556,964 shares during the last quarter. Barclays PLC boosted its holdings in Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after purchasing an additional 95,924 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Canadian Solar by 101.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after purchasing an additional 57,246 shares during the period. Waterfront Wealth Inc. raised its holdings in shares of Canadian Solar by 16.9% during the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after purchasing an additional 26,778 shares during the period. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in shares of Canadian Solar during the fourth quarter worth $7,738,000. Institutional investors own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.