Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $10.00 by Analysts at Wells Fargo & Company

Canadian Solar (NASDAQ:CSIQ) had its price objective reduced by Wells Fargo & Company from $13.00 to $10.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the solar energy provider’s stock.

Several other research firms have also recently issued reports on CSIQ. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Tuesday. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target on the stock. Finally, Mizuho assumed coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Four research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $18.31.

Canadian Solar Stock Performance

Shares of NASDAQ CSIQ opened at $12.74 on Wednesday. The company has a market cap of $842.87 million, a PE ratio of -106.17, a price-to-earnings-growth ratio of 8.89 and a beta of 1.27. Canadian Solar has a 12 month low of $10.60 and a 12 month high of $25.43. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The company has a 50-day simple moving average of $12.30 and a 200-day simple moving average of $13.74.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. American Century Companies Inc. lifted its position in shares of 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 worth $276,000 after purchasing an additional 1,383 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Canadian Solar by 20.3% in the third 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Canadian Solar by 1.4% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock worth $1,847,000 after buying an additional 1,522 shares during the last quarter. Quarry LP bought a new stake in shares of Canadian Solar in the second quarter worth $31,000. Finally, Green Alpha Advisors LLC increased its stake in shares of Canadian Solar by 8.8% in the third quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock worth $677,000 after buying an additional 3,282 shares during the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Company Profile

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.