By otakuyassine3@gmail.com 
The Goldman Sachs Group cut shares of Canadian Solar (NASDAQ:CSIQ – Free Report) from a neutral rating to a sell rating in a report issued on Tuesday morning, MarketBeat Ratings reports. The firm currently has $11.00 price objective on the solar energy provider’s stock, down from their previous price objective of $14.00.
CSIQ has been the topic of several other reports. Mizuho initiated coverage on Canadian Solar in a research report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective on the stock. Oppenheimer dropped their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. Roth Mkm cut their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 target price on the stock. Finally, Wells Fargo & Company cut their target price on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 5th. Four 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, Canadian Solar has an average rating of “Hold” and a consensus target price of $18.58.
Check Out Our Latest Analysis on CSIQ
Canadian Solar Stock Up 0.1 %
CSIQ stock opened at $11.67 on Tuesday. The business’s 50-day moving average price is $12.80 and its 200-day moving average price is $14.36. The stock has a market cap of $772.08 million, a P/E ratio of -97.25, a PEG ratio of 8.89 and a beta of 1.29. Canadian Solar has a twelve month low of $10.91 and a twelve month high of $26.85. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.
Canadian Solar (NASDAQ:CSIQ – Get Free Report) last posted its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The business 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%. The company’s revenue was down 18.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.32 earnings per share. On average, equities research analysts forecast that Canadian Solar will post 0.06 EPS for the current year.
Institutional Trading of Canadian Solar
A number of institutional investors have recently bought and sold shares of CSIQ. Quarry LP bought a new position in Canadian Solar in the 2nd quarter valued at $31,000. Daiwa Securities Group Inc. increased its stake in Canadian Solar by 20.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after buying an additional 1,500 shares during the period. Private Advisor Group LLC bought a new stake in Canadian Solar during the 3rd quarter valued at about $219,000. Northwestern Mutual Wealth Management Co. boosted 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 buying an additional 4,739 shares during the period. Finally, American Century Companies Inc. grew its stake 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 worth $276,000 after acquiring an additional 1,383 shares in the last quarter. 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.
Further Reading
Receive News & Ratings for Canadian Solar Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Canadian Solar and related companies with MarketBeat.com’s FREE daily email newsletter.