Canadian Solar (NASDAQ:CSIQ) Downgraded to Sell at Citigroup

Citigroup cut shares of Canadian Solar (NASDAQ:CSIQ) from a neutral rating to a sell rating in a report released on Tuesday morning, Marketbeat reports. The firm currently has $11.00 price objective on the solar energy provider’s stock, down from their previous price objective of $19.00.

A number of other research firms have also recently weighed in on CSIQ. JPMorgan Chase & Co. increased their price target on Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 16th. Oppenheimer lowered their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Glj Research raised their target price on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a report on Tuesday, July 30th. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group lowered their target price on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $22.03.

Canadian Solar Trading Up 0.6 %

Shares of CSIQ stock opened at $12.70 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82. The company has a market cap of $840.22 million, a price-to-earnings ratio of 4.41, a PEG ratio of 4.92 and a beta of 1.31. The stock has a 50 day simple moving average of $13.93 and a 200-day simple moving average of $15.51. Canadian Solar has a 1-year low of $11.41 and a 1-year high of $26.85.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the company posted $2.39 EPS. The business’s quarterly revenue was down 30.8% on a year-over-year basis. On average, equities research analysts expect that Canadian Solar will post 0.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in shares of Canadian Solar in the second quarter valued at approximately $31,000. Daiwa Securities Group Inc. boosted its position in Canadian Solar by 72.1% during the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after purchasing an additional 3,100 shares in the last quarter. Private Advisor Group LLC purchased a new stake in Canadian Solar during the third quarter worth $219,000. Janney Montgomery Scott LLC boosted its position in Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after purchasing an additional 1,283 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Canadian Solar by 43.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after purchasing an additional 4,739 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

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.