Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $10.00 by Analysts at Wells Fargo & Company

Canadian Solar (NASDAQ:CSIQ) had its price target dropped by analysts at Wells Fargo & Company from $13.00 to $10.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the solar energy provider’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 21.51% from the company’s current price.

A number of other analysts have also weighed in on the stock. Mizuho began coverage on shares of Canadian Solar in a research report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective on the stock. The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Jefferies Financial Group initiated coverage on Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective for the company. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Canadian Solar currently has an average rating of “Hold” and an average target price of $18.31.

Canadian Solar Price Performance

Shares of Canadian Solar stock opened at $12.74 on Wednesday. The stock has a 50 day moving average price of $12.27 and a 200-day moving average price of $13.73. Canadian Solar has a one year low of $10.60 and a one year high of $25.43. The stock has a market cap of $842.87 million, a price-to-earnings ratio of -106.17, a price-to-earnings-growth ratio of 8.89 and a beta of 1.27. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the firm earned $0.32 earnings per share. Canadian Solar’s quarterly revenue was down 18.4% compared to the same quarter last year. Equities analysts expect that Canadian Solar will post 0.06 EPS for the current year.

Institutional Trading of Canadian Solar

Institutional investors and hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp grew its holdings in 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 acquiring an additional 1,037,800 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares during the period. Barclays PLC boosted its stake in shares of Canadian Solar by 494.4% during the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after purchasing an additional 95,924 shares in the last quarter. Quantbot Technologies LP purchased a new position in Canadian Solar during the third quarter valued at approximately $1,109,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Canadian Solar by 101.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after buying an additional 57,246 shares in the last quarter. 52.36% of the stock is currently owned by 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.