The Goldman Sachs Group Lowers Canadian Solar (NASDAQ:CSIQ) Price Target to $9.00

Canadian Solar (NASDAQ:CSIQ) had its target price lowered by The Goldman Sachs Group from $11.00 to $9.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a sell rating on the solar energy provider’s stock.

Several other equities research analysts have also weighed in on CSIQ. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Wells Fargo & Company decreased their price objective 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. Finally, Mizuho started coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price on the stock. Five investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Canadian Solar presently has an average rating of “Hold” and an average price target of $17.84.

Canadian Solar Stock Up 1.8 %

CSIQ stock opened at $9.94 on Wednesday. The business’s 50-day simple moving average is $10.33 and its 200 day simple moving average is $12.08. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The company has a market cap of $657.62 million, a PE ratio of -82.83, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. Canadian Solar has a twelve month low of $9.19 and a twelve month high of $21.05.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. USCF Advisers LLC grew its position in shares of Canadian Solar by 66.7% during the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after buying an additional 1,000 shares during the period. Wells Fargo & Company MN grew its holdings in Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after acquiring an additional 3,347 shares during the period. Sciencast Management LP bought a new stake in shares of Canadian Solar during the 4th quarter valued at $113,000. Miracle Mile Advisors LLC bought a new position in shares of Canadian Solar in the 4th quarter worth $133,000. Finally, Daiwa Securities Group Inc. increased its holdings in Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after purchasing an additional 1,500 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Company Profile

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.