Citigroup Downgrades Canadian Solar (NASDAQ:CSIQ) to Sell

Citigroup cut shares of Canadian Solar (NASDAQ:CSIQ) from a neutral rating to a sell rating in a research report report published on Tuesday, Marketbeat reports. Citigroup currently has $11.00 price objective on the solar energy provider’s stock, down from their prior price objective of $19.00.

Several other equities research analysts have also issued reports on the stock. Glj Research increased their target price on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a report on Tuesday, July 30th. Oppenheimer lowered their target price on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Roth Mkm dropped their target price on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. The Goldman Sachs Group lowered their target price on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th. Finally, StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Canadian Solar currently has a consensus rating of “Hold” and an average price target of $22.03.

Canadian Solar Stock Performance

Canadian Solar stock opened at $12.21 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53. Canadian Solar has a twelve month low of $11.41 and a twelve month high of $26.85. The company has a market capitalization of $807.80 million, a PE ratio of 4.24, a P/E/G ratio of 4.92 and a beta of 1.31. The firm has a fifty day simple moving average of $13.80 and a two-hundred day simple moving average of $15.43.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the firm earned $2.39 EPS. The company’s revenue was down 30.8% compared to the same quarter last year. Research analysts expect that Canadian Solar will post 0.12 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds have recently made changes to their positions in the company. Janney Montgomery Scott LLC boosted its holdings in Canadian Solar by 9.2% in the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after purchasing an additional 1,283 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Canadian Solar by 8.0% in the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock worth $276,000 after buying an additional 1,383 shares in the last quarter. Quarry LP purchased a new stake in shares of Canadian Solar in the second quarter valued at approximately $31,000. Summit Place Financial Advisors LLC increased its holdings in shares of Canadian Solar by 7.8% in the first quarter. Summit Place Financial Advisors LLC now owns 33,013 shares of the solar energy provider’s stock valued at $652,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Canadian Solar by 72.1% in the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after purchasing an additional 3,100 shares during the last quarter. 52.36% of the stock is 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.