Canadian Solar (NASDAQ:CSIQ) Cut to “Sell” at Citigroup

Citigroup cut shares of Canadian Solar (NASDAQ:CSIQ) from a neutral rating to a sell rating in a research report sent to investors on Tuesday, Marketbeat.com reports. They currently have $11.00 price target on the solar energy provider’s stock, down from their prior price target of $19.00.

Other equities analysts also recently issued research reports about the company. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group dropped their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, August 26th. JPMorgan Chase & Co. upped their price target on shares of Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. Oppenheimer lowered their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Finally, Glj Research lifted their target price on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research note on Tuesday, July 30th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Canadian Solar presently has an average rating of “Hold” and an average price target of $22.03.

Canadian Solar Price Performance

CSIQ stock opened at $12.21 on Tuesday. The business’s fifty day moving average price is $13.80 and its 200 day moving average price is $15.43. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. Canadian Solar has a 12-month low of $11.41 and a 12-month high of $26.85. The company has a market capitalization of $807.80 million, a PE ratio of 4.24, a P/E/G ratio of 4.92 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the company posted $2.39 earnings per share. The firm’s quarterly revenue was down 30.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Canadian Solar will post 0.12 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Summit Place Financial Advisors LLC raised its stake in shares of Canadian Solar by 7.8% during the 1st quarter. Summit Place Financial Advisors LLC now owns 33,013 shares of the solar energy provider’s stock worth $652,000 after purchasing an additional 2,400 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Canadian Solar by 26.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 67,929 shares of the solar energy provider’s stock valued at $1,342,000 after buying an additional 14,368 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Canadian Solar by 30.9% in the first quarter. BNP Paribas Financial Markets now owns 198,646 shares of the solar energy provider’s stock valued at $3,925,000 after buying an additional 46,888 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after purchasing an additional 1,283 shares in the last quarter. Finally, Capstone Investment Advisors LLC increased its position in Canadian Solar by 172.9% in the 1st quarter. Capstone Investment Advisors LLC now owns 37,370 shares of the solar energy provider’s stock valued at $738,000 after acquiring an additional 23,676 shares during the period. 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.