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

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

CSIQ has been the subject of a number of other reports. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Mizuho began coverage on 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 downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, The Goldman Sachs Group cut their price objective on Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a report on Wednesday. Five equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.84.

Canadian Solar Stock Performance

Shares of CSIQ opened at $9.23 on Wednesday. Canadian Solar has a 52-week low of $9.13 and a 52-week high of $21.05. The stock’s 50-day simple moving average is $10.26 and its 200 day simple moving average is $12.05. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The stock has a market capitalization of $610.65 million, a price-to-earnings ratio of -76.92, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results 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). 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 analysts’ expectations of $1.57 billion. During the same period in the previous year, the company posted ($0.02) earnings per share. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. Research analysts forecast that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CSIQ. USCF Advisers LLC boosted its stake in shares of Canadian Solar by 66.7% in the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 1,000 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake 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 worth $149,000 after purchasing an additional 1,500 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Canadian Solar by 1.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock valued at $1,847,000 after buying an additional 1,522 shares during the period. Wells Fargo & Company MN grew its stake in shares of Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after buying an additional 3,347 shares during the last quarter. Finally, Shell Asset Management Co. increased its holdings in shares of Canadian Solar by 11.4% in the fourth quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock worth $450,000 after buying an additional 4,134 shares during the period. 52.36% of the stock is owned by hedge funds and other 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.