Citigroup Issues Pessimistic Forecast for Canadian Solar (NASDAQ:CSIQ) Stock Price

Canadian Solar (NASDAQ:CSIQ) had its target price decreased by Citigroup from $12.00 to $11.00 in a research report issued on Wednesday,BayStreet.CA reports. The firm presently has a “sell” rating on the solar energy provider’s stock. Citigroup’s target price would indicate a potential upside of 14.70% from the company’s current price.

Several other equities analysts also recently commented on CSIQ. Mizuho initiated coverage on shares of Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 price target on the stock. Wells Fargo & Company decreased their target price on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. The Goldman Sachs Group lowered their target price on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating on the stock in a report on Wednesday. Finally, StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Five research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.84.

Canadian Solar Stock Down 3.5 %

Canadian Solar stock opened at $9.59 on Wednesday. The company’s 50-day moving average price is $10.30 and its two-hundred day moving average price is $12.06. 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 stock has a market cap of $634.46 million, a P/E ratio of -79.92, a P/E/G ratio of 0.74 and a beta of 1.34. Canadian Solar has a twelve month low of $9.19 and a twelve month high of $21.05.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.26). The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.57 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 1.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) EPS. As a group, analysts expect that Canadian Solar will post -0.23 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Large investors have recently modified their holdings of the business. Shah Capital Management lifted its position 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 worth $19,410,000 after buying an additional 1,556,964 shares during the last quarter. IvyRock Asset Management HK Ltd acquired a new position in Canadian Solar during the fourth quarter worth about $15,440,000. Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in shares of Canadian Solar in the 4th quarter valued at approximately $7,738,000. Mackenzie Financial Corp boosted its stake in shares of 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 valued at $61,422,000 after purchasing an additional 357,900 shares in the last quarter. Finally, Cerity Partners LLC grew 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 purchasing an additional 243,542 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

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.