Canadian Solar (NASDAQ:CSIQ) Cut to “Sell” at The Goldman Sachs Group

The Goldman Sachs Group cut shares of Canadian Solar (NASDAQ:CSIQ) from a neutral rating to a sell rating in a research report sent to investors on Tuesday, MarketBeat reports. The Goldman Sachs Group currently has $11.00 target price on the solar energy provider’s stock, down from their prior target price of $14.00.

A number of other brokerages have also recently weighed in on CSIQ. Jefferies Financial Group initiated coverage on Canadian Solar in a research report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price target on the stock. Oppenheimer dropped their target price on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 23rd. Roth Mkm reduced their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Mizuho started coverage on shares of Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Five analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.58.

Canadian Solar Trading Down 4.9 %

Shares of CSIQ stock opened at $10.76 on Tuesday. The firm has a fifty day moving average of $12.66 and a 200-day moving average of $14.31. The stock has a market cap of $711.87 million, a price-to-earnings ratio of -89.67, a P/E/G ratio of 8.89 and a beta of 1.29. Canadian Solar has a 52-week low of $10.74 and a 52-week high of $26.85. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter last year, the company earned $0.32 earnings per share. The company’s revenue for the quarter was down 18.4% compared to the same quarter last year. On average, equities research analysts forecast that Canadian Solar will post 0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP bought a new position in Canadian Solar in the second quarter valued at about $31,000. Daiwa Securities Group Inc. boosted its stake in shares of Canadian Solar by 20.3% in the 3rd 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. Private Advisor Group LLC bought a new stake in shares of Canadian Solar during the third quarter worth approximately $219,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Canadian Solar by 43.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after buying an additional 4,739 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in 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 valued at $276,000 after buying an additional 1,383 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

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.