Citigroup Has Lowered Expectations for Canadian Solar (NASDAQ:CSIQ) Stock Price

Canadian Solar (NASDAQ:CSIQ) had its price objective reduced by Citigroup from $12.00 to $11.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has a “sell” rating on the solar energy provider’s stock. Citigroup’s price target suggests a potential upside of 10.44% from the company’s previous close.

CSIQ has been the subject of several other research reports. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Mizuho started coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. Wells Fargo & Company cut their target price on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Finally, The Goldman Sachs Group dropped their price objective on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating on the stock in a report on Wednesday. Five investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.84.

Canadian Solar Price Performance

NASDAQ:CSIQ traded up $0.20 during trading hours on Wednesday, reaching $9.96. 1,866,269 shares of the company’s stock were exchanged, compared to its average volume of 1,823,899. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. Canadian Solar has a 12 month low of $9.19 and a 12 month high of $21.05. The business’s 50-day simple moving average is $10.36 and its two-hundred day simple moving average is $12.10. The company has a market capitalization of $658.94 million, a P/E ratio of -82.17, a price-to-earnings-growth 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 firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period in the previous year, the business posted ($0.02) EPS. Canadian Solar’s revenue for the quarter was down 1.8% on a year-over-year basis. Sell-side analysts expect that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Large investors have recently added to or reduced their stakes in the company. USCF Advisers LLC raised its position in Canadian Solar by 66.7% in the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 1,000 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Canadian Solar by 184.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after buying an additional 3,347 shares in the last quarter. Sciencast Management LP bought a new position in shares of Canadian Solar in the fourth quarter valued at about $113,000. Miracle Mile Advisors LLC acquired a new position in Canadian Solar during the 4th quarter worth about $133,000. Finally, Daiwa Securities Group Inc. grew its holdings in Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after acquiring an additional 1,500 shares during the last quarter. 52.36% of the stock is 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.