Canadian Solar (NASDAQ:CSIQ) Rating Lowered to Sell at StockNews.com

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

Other research analysts also recently issued research reports about the company. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. The Goldman Sachs Group lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. 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. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective on the stock. Finally, Mizuho started coverage on shares of Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.31.

Canadian Solar Stock Down 0.6 %

Shares of NASDAQ:CSIQ opened at $11.05 on Friday. The firm has a 50 day simple moving average of $11.94 and a 200-day simple moving average of $13.56. Canadian Solar has a twelve month low of $10.60 and a twelve month high of $25.43. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $731.07 million, a PE ratio of -92.08, a P/E/G ratio of 0.80 and a beta of 1.27.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. Canadian Solar’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.32 earnings per share. On average, equities analysts predict that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CSIQ. Mackenzie Financial Corp boosted its holdings in Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after purchasing an additional 1,037,800 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after buying an additional 243,542 shares during the period. Barclays PLC boosted its stake in shares of Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after buying an additional 95,924 shares in the last quarter. Quantbot Technologies LP acquired a new position in Canadian Solar during the third quarter worth $1,109,000. Finally, Charles Schwab Investment Management Inc. raised its position in Canadian Solar by 101.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after acquiring an additional 57,246 shares in the last quarter. 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.