Canadian Solar (NASDAQ:CSIQ) Stock Rating Lowered by StockNews.com

Canadian Solar (NASDAQ:CSIQ) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Wednesday.

Several other brokerages have also commented on CSIQ. Wells Fargo & Company lowered their price objective on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 5th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Roth Mkm cut their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their target price for the company from $14.00 to $11.00 in a research note on Tuesday. Finally, Mizuho assumed coverage on Canadian Solar in a research report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price target on the stock. Five investment 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’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $18.58.

Canadian Solar Trading Down 3.0 %

CSIQ stock traded down $0.35 during trading on Wednesday, reaching $11.32. The company had a trading volume of 1,931,485 shares, compared to its average volume of 1,748,311. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. Canadian Solar has a 52 week low of $10.91 and a 52 week high of $26.85. The business has a 50 day moving average of $12.73 and a 200 day moving average of $14.34. The company has a market cap of $748.92 million, a P/E ratio of -94.33, a PEG ratio of 8.89 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The firm had revenue of $1.51 billion for 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%. The business’s revenue for the quarter was down 18.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.32 EPS. As a group, sell-side analysts forecast that Canadian Solar will post 0.06 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

Several institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp lifted its holdings in shares of Canadian Solar by 25.4% during 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 purchasing an additional 1,037,800 shares in the last quarter. SIR Capital Management L.P. purchased a new position in Canadian Solar in the 2nd quarter worth about $3,994,000. Foundry Partners LLC bought a new position in Canadian Solar during the 2nd quarter valued at about $3,667,000. Cerity Partners LLC boosted its holdings in shares of Canadian Solar by 131.5% during the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after acquiring an additional 243,542 shares during the last quarter. Finally, Barclays PLC grew 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 worth $1,932,000 after acquiring an additional 95,924 shares during the period. 52.36% of the stock is currently 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.