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

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

A number of other equities analysts have also recently commented on the stock. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $14.00 to $11.00 in a research note on Tuesday, December 17th. Wells Fargo & Company dropped their price target on 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. Mizuho assumed coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective on the stock. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Finally, Jefferies Financial Group initiated coverage on Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price on the stock. Five analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $18.31.

Canadian Solar Stock Down 0.6 %

CSIQ opened at $11.05 on Friday. Canadian Solar has a 52 week low of $10.60 and a 52 week high of $25.43. 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 has a 50-day simple moving average of $11.94 and a two-hundred day simple moving average of $13.57. The company has a market capitalization of $731.07 million, a PE ratio of -92.08, a price-to-earnings-growth ratio of 0.80 and a beta of 1.27.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results 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. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 EPS. Analysts forecast that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CSIQ. USCF Advisers LLC grew its holdings in Canadian Solar by 66.7% during the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after acquiring an additional 1,000 shares in the last quarter. Quarry LP purchased a new stake in shares of Canadian Solar in the 2nd quarter worth approximately $31,000. Miracle Mile Advisors LLC bought a new position in shares of Canadian Solar during the fourth quarter valued at approximately $133,000. Daiwa Securities Group Inc. increased its holdings in Canadian Solar by 20.3% during 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. Finally, Private Advisor Group LLC bought a new position in Canadian Solar in the third quarter worth approximately $219,000. 52.36% of the stock is currently 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.