Canadian Solar (NASDAQ:CSIQ) Given New $9.00 Price Target at The Goldman Sachs Group

Canadian Solar (NASDAQ:CSIQ) had its price objective trimmed by The Goldman Sachs Group from $11.00 to $9.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a sell rating on the solar energy provider’s stock.

A number of other research analysts have also issued reports on the stock. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Wells Fargo & Company decreased their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Finally, Mizuho assumed coverage on Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. Five analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Canadian Solar has a consensus rating of “Hold” and a consensus target price of $17.84.

Canadian Solar Stock Performance

Shares of NASDAQ CSIQ opened at $9.94 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The firm’s 50-day moving average price is $10.33 and its two-hundred day moving average price is $12.08. Canadian Solar has a 52-week low of $9.19 and a 52-week high of $21.05. The stock has a market capitalization of $657.62 million, a P/E ratio of -82.83, a P/E/G ratio of 0.74 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.26). Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same quarter in the prior year, the firm earned ($0.02) EPS. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Trading of Canadian Solar

Large investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp lifted its position in Canadian Solar by 6.9% in the 4th quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock worth $61,422,000 after buying an additional 357,900 shares in the last quarter. Vanguard Group Inc. raised its position in Canadian Solar by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider’s stock valued at $22,544,000 after acquiring an additional 23,355 shares in the last quarter. Shah Capital Management raised its holdings in shares of Canadian Solar by 825.6% during the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after purchasing an additional 1,556,964 shares in the last quarter. IvyRock Asset Management HK Ltd acquired a new position in Canadian Solar during the fourth quarter worth $15,440,000. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in shares of Canadian Solar in the fourth quarter worth about $7,738,000. 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.