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

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

Several other brokerages also recently issued reports on CSIQ. StockNews.com upgraded Canadian Solar from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Citigroup downgraded 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. Oppenheimer reduced their price target on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Wells Fargo & Company dropped their price objective on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 5th. Finally, Roth Mkm reduced their target price on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $18.58.

Canadian Solar Stock Down 4.9 %

Canadian Solar stock opened at $10.76 on Tuesday. The firm has a market capitalization of $711.87 million, a price-to-earnings ratio of -89.67, a PEG ratio of 8.89 and a beta of 1.29. The company’s 50 day simple moving average is $12.66 and its 200 day simple moving average is $14.31. 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 fifty-two week low of $10.74 and a fifty-two week high of $26.85.

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, 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 company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period last year, the firm posted $0.32 earnings per share. The business’s quarterly revenue was down 18.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Canadian Solar will post 0.06 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CSIQ. Mackenzie Financial Corp raised its stake in shares of Canadian Solar by 25.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after purchasing an additional 1,037,800 shares in the last quarter. SIR Capital Management L.P. acquired a new position in Canadian Solar during the second quarter worth $3,994,000. Foundry Partners LLC acquired a new stake in Canadian Solar in the second quarter valued at $3,667,000. Cerity Partners LLC lifted its stake in Canadian Solar by 131.5% in the third 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 position in shares of Canadian Solar by 494.4% in 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 period. 52.36% of the stock is owned by institutional investors and hedge funds.

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.