Wells Fargo & Company Cuts Canadian Solar (NASDAQ:CSIQ) Price Target to $10.00

Canadian Solar (NASDAQ:CSIQ) had its price objective trimmed by Wells Fargo & Company from $13.00 to $10.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the solar energy provider’s stock.

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

Canadian Solar Stock Down 4.2 %

Canadian Solar stock opened at $12.21 on Wednesday. The firm has a market cap of $807.80 million, a price-to-earnings ratio of -101.75, a PEG ratio of 8.89 and a beta of 1.27. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. Canadian Solar has a 12 month low of $10.60 and a 12 month high of $25.43. The stock has a fifty day simple moving average of $12.27 and a two-hundred day simple moving average of $13.73.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.13. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. Canadian Solar’s revenue for the quarter was down 18.4% on a year-over-year basis. During the same period last year, the company earned $0.32 EPS. Equities analysts predict that Canadian Solar will post 0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently bought and sold shares of CSIQ. Mackenzie Financial Corp lifted 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 worth $75,456,000 after buying an additional 1,037,800 shares in the last quarter. Barclays PLC boosted its position in shares of Canadian Solar by 494.4% during the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after acquiring an additional 95,924 shares during the last quarter. Charles Schwab Investment Management Inc. increased 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 purchasing an additional 57,246 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Canadian Solar during the third quarter valued at $219,000. Finally, Cerity Partners LLC grew its stake 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 worth $7,186,000 after buying an additional 243,542 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

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.