The Goldman Sachs Group Issues Pessimistic Forecast for Canadian Solar (NASDAQ:CSIQ) Stock Price

Canadian Solar (NASDAQ:CSIQ) had its target price lowered by equities research analysts at The Goldman Sachs Group from $11.00 to $9.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the solar energy provider’s stock. The Goldman Sachs Group’s price objective indicates a potential downside of 6.15% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Wells Fargo & Company decreased 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 report on Wednesday, January 8th. Finally, Mizuho initiated coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Five research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.84.

Canadian Solar Stock Performance

Shares of NASDAQ CSIQ opened at $9.59 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The firm’s 50-day moving average price is $10.30 and its two-hundred day moving average price is $12.06. Canadian Solar has a 52-week low of $9.19 and a 52-week high of $21.05. The stock has a market capitalization of $634.46 million, a P/E ratio of -79.92, a P/E/G 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 company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same quarter in the prior year, the firm earned ($0.02) EPS. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. USCF Advisers LLC raised its holdings in Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after purchasing an additional 1,000 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after purchasing an additional 3,347 shares during the period. Sciencast Management LP bought a new stake in shares of Canadian Solar in the 4th quarter worth $113,000. Miracle Mile Advisors LLC acquired a new stake in shares of Canadian Solar in the fourth quarter valued at $133,000. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after buying an additional 1,500 shares during the period. 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.