Wells Fargo & Company Issues Pessimistic Forecast for Canadian Solar (NASDAQ:CSIQ) Stock Price

Canadian Solar (NASDAQ:CSIQ) had its price target dropped by equities research analysts at Wells Fargo & Company from $13.00 to $10.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the solar energy provider’s stock. Wells Fargo & Company‘s target price would indicate a potential downside of 21.51% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Mizuho began coverage on shares of Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. StockNews.com upgraded Canadian Solar from a “sell” rating to a “hold” rating in a research note on Tuesday. The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $14.00 to $11.00 in a research report on Tuesday, December 17th. Finally, Jefferies Financial Group began coverage on Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $18.31.

Canadian Solar Price Performance

Shares of Canadian Solar stock opened at $12.74 on Wednesday. The stock has a market cap of $842.87 million, a P/E ratio of -106.17, a P/E/G ratio of 8.89 and a beta of 1.27. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The stock’s fifty day moving average is $12.27 and its 200 day moving average is $13.73. Canadian Solar has a one year low of $10.60 and a one year high of $25.43.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. Sell-side analysts anticipate that Canadian Solar will post 0.06 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP bought a new stake in Canadian Solar in the 2nd quarter worth approximately $31,000. Daiwa Securities Group Inc. boosted its position in shares of 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 valued at $149,000 after acquiring an additional 1,500 shares during the last quarter. Private Advisor Group LLC purchased a new position in shares of Canadian Solar in the third quarter valued at $219,000. Northwestern Mutual Wealth Management Co. increased its position in Canadian Solar by 43.1% in 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 during the last quarter. Finally, American Century Companies Inc. raised its stake in Canadian Solar by 8.0% during the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after purchasing an additional 1,383 shares in the last quarter. 52.36% of the stock is owned by institutional investors.

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.