Citigroup Cuts Canadian Solar (NASDAQ:CSIQ) Price Target to $11.00

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

Other equities analysts have also recently issued research reports about the company. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Wells Fargo & Company lowered 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. Mizuho assumed coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Finally, The Goldman Sachs Group decreased their price target on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a report on Wednesday. Five analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.84.

Canadian Solar Trading Up 2.0 %

Shares of NASDAQ CSIQ traded up $0.20 during mid-day trading on Wednesday, hitting $9.96. The company’s stock had a trading volume of 1,866,269 shares, compared to its average volume of 1,823,899. The company’s fifty day simple moving average is $10.36 and its 200-day simple moving average is $12.10. Canadian Solar has a one year low of $9.19 and a one year high of $21.05. The stock has a market cap of $658.94 million, a price-to-earnings ratio of -82.17, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly 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). 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 during the quarter, compared to analyst estimates of $1.57 billion. During the same period last year, the company earned ($0.02) EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp increased its holdings in Canadian Solar by 6.9% during the fourth 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 during the last quarter. Shell Asset Management Co. grew its holdings in Canadian Solar by 11.4% during the fourth quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock worth $450,000 after purchasing an additional 4,134 shares during the period. Deutsche Bank AG acquired a new position in Canadian Solar during the fourth quarter worth approximately $308,000. Bayesian Capital Management LP bought a new stake in Canadian Solar in the fourth quarter valued at approximately $331,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Canadian Solar by 32.0% in the fourth quarter. BNP Paribas Financial Markets now owns 323,238 shares of the solar energy provider’s stock valued at $3,594,000 after buying an additional 78,306 shares during the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

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.