Canadian Solar (NASDAQ:CSIQ) Downgraded by StockNews.com to Sell

StockNews.com lowered shares of Canadian Solar (NASDAQ:CSIQ) from a hold rating to a sell rating in a report released on Friday morning.

Several other equities research analysts also recently commented on CSIQ. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Mizuho assumed coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. Wells Fargo & Company lowered their price target on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Finally, Jefferies Financial Group began coverage on Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective on the stock. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $18.31.

Canadian Solar Stock Performance

CSIQ stock opened at $11.05 on Friday. Canadian Solar has a twelve month low of $10.60 and a twelve month high of $25.43. 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 $731.06 million, a P/E ratio of -92.08, a price-to-earnings-growth ratio of 0.80 and a beta of 1.27. The business’s fifty day moving average is $11.94 and its 200-day moving average is $13.58.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company’s quarterly revenue was down 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 earnings per share. Equities research analysts forecast that Canadian Solar will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers boosted its holdings in Canadian Solar by 34.6% during the second quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider’s stock worth $287,000 after purchasing an additional 5,003 shares during the last quarter. American Century Companies Inc. lifted its position in Canadian Solar by 8.0% during the 2nd 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. DRW Securities LLC boosted its stake in shares of Canadian Solar by 36.0% during the 2nd quarter. DRW Securities LLC now owns 68,000 shares of the solar energy provider’s stock worth $1,003,000 after buying an additional 18,000 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Canadian Solar by 26.3% in the 2nd quarter. Marshall Wace LLP now owns 60,143 shares of the solar energy provider’s stock valued at $887,000 after acquiring an additional 12,513 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position 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 valued at $75,456,000 after acquiring an additional 1,037,800 shares during the last quarter. 52.36% of the stock is owned by institutional investors.

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.