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

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

A number of other equities analysts have also recently weighed in on the company. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. 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 note on Wednesday, January 8th. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 price target on the stock. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $14.00 to $11.00 in a research report on Tuesday, December 17th. Finally, Mizuho assumed coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and a consensus target price of $18.31.

Canadian Solar Price Performance

NASDAQ:CSIQ opened at $10.48 on Friday. Canadian Solar has a 12-month low of $10.09 and a 12-month high of $24.32. The firm has a market cap of $693.36 million, a price-to-earnings ratio of -87.33, a price-to-earnings-growth ratio of 0.68 and a beta of 1.27. The company’s 50-day moving average is $11.76 and its two-hundred day moving average is $13.25. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results 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 during the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. Canadian Solar’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 earnings per share. Research analysts expect that Canadian Solar will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently modified their holdings of CSIQ. American Century Companies Inc. raised its position in Canadian Solar by 8.0% in the 2nd 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 during the last quarter. Marshall Wace LLP lifted its position in Canadian Solar by 26.3% during the 2nd quarter. Marshall Wace LLP now owns 60,143 shares of the solar energy provider’s stock worth $887,000 after buying an additional 12,513 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Canadian Solar by 29.4% during the 2nd quarter. NewEdge Advisors LLC now owns 69,165 shares of the solar energy provider’s stock worth $1,020,000 after acquiring an additional 15,718 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after acquiring an additional 4,739 shares in the last quarter. Finally, Quarry LP bought a new position in shares of Canadian Solar in the second quarter worth about $31,000. Institutional investors 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.