StockNews.com Downgrades Canadian Solar (NASDAQ:CSIQ) to Sell

Canadian Solar (NASDAQ:CSIQ) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

Other equities research analysts have also issued reports about the company. Oppenheimer lowered their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 23rd. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the company from $14.00 to $11.00 in a report on Tuesday. Wells Fargo & Company cut their price target on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, December 5th. Roth Mkm decreased their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and cut their target price for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and a consensus price target of $18.58.

Canadian Solar Stock Down 4.9 %

Shares of NASDAQ:CSIQ opened at $10.76 on Wednesday. The business’s 50-day moving average is $12.66 and its 200-day moving average is $14.31. Canadian Solar has a 1 year low of $10.74 and a 1 year high of $26.85. The company has a market capitalization of $711.87 million, a price-to-earnings ratio of -89.67, a P/E/G ratio of 8.89 and a beta of 1.29. 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 announced its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating 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 firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the business earned $0.32 earnings per share. The business’s quarterly revenue was down 18.4% compared to the same quarter last year. Equities research analysts predict that Canadian Solar will post 0.06 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC increased its stake in shares of Canadian Solar by 37.1% during the third quarter. Sanctuary Advisors LLC now owns 31,029 shares of the solar energy provider’s stock valued at $520,000 after buying an additional 8,404 shares during the period. Barclays PLC increased its position in Canadian Solar by 494.4% during the 3rd 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 during the period. State Street Corp increased its position in Canadian Solar by 5.6% during the 3rd quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock valued at $8,159,000 after purchasing an additional 25,901 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Canadian Solar by 1.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock worth $1,847,000 after purchasing an additional 1,522 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in shares of Canadian Solar in the 3rd quarter worth about $1,109,000. 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.