The Goldman Sachs Group Cuts Canadian Solar (NASDAQ:CSIQ) Price Target to $16.00

Canadian Solar (NASDAQ:CSIQ) had its price objective trimmed by The Goldman Sachs Group from $18.00 to $16.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the solar energy provider’s stock.

CSIQ has been the topic of a number of other research reports. StockNews.com downgraded shares of Canadian Solar from a hold rating to a sell rating in a research report on Wednesday, July 31st. UBS Group dropped their price objective on shares of Canadian Solar from $38.00 to $35.00 and set a buy rating on the stock in a report on Wednesday, June 12th. Glj Research increased their price objective on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a sell rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. boosted their target price on Canadian Solar from $17.00 to $20.00 and gave the company an underweight rating in a research report on Tuesday, July 16th. Finally, Oppenheimer cut their price target on Canadian Solar from $43.00 to $27.00 and set an outperform rating on the stock in a report on Friday, August 23rd. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $23.33.

Canadian Solar Stock Performance

CSIQ stock opened at $12.40 on Monday. The firm has a market cap of $820.37 million, a PE ratio of 4.31, a price-to-earnings-growth ratio of 0.30 and a beta of 1.29. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average price of $15.15 and a 200-day moving average price of $17.28. Canadian Solar has a 1-year low of $12.18 and a 1-year high of $28.72.

Canadian Solar (NASDAQ:CSIQ) last issued 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 return on equity of 5.61% and a net margin of 2.80%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the company posted $2.39 earnings per share. The firm’s revenue for the quarter was down 30.8% on a year-over-year basis. As a group, equities research analysts expect that Canadian Solar will post 2.07 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently added to or reduced their stakes in CSIQ. Mackenzie Financial Corp raised its stake in shares of Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after purchasing an additional 1,037,800 shares during the last quarter. SIR Capital Management L.P. bought a new stake in Canadian Solar during the second quarter worth $3,994,000. D. Scott Neal Inc. purchased a new stake in Canadian Solar in the 2nd quarter valued at $3,898,000. Foundry Partners LLC purchased a new stake in Canadian Solar in the 2nd quarter valued at $3,667,000. Finally, Schroder Investment Management Group lifted its stake in Canadian Solar by 15.7% during the 4th quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after acquiring an additional 213,959 shares in the last quarter. Institutional investors and hedge funds 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.