Canadian Solar (NASDAQ:CSIQ) Stock Rating Lowered by Citigroup

Canadian Solar (NASDAQ:CSIQ) was downgraded by investment analysts at Citigroup from a “neutral” rating to a “sell” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They presently have a $11.00 target price on the solar energy provider’s stock, down from their prior target price of $19.00. Citigroup’s price objective indicates a potential downside of 8.03% from the stock’s previous close.

A number of other research analysts also recently weighed in on CSIQ. Glj Research increased their target price on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. raised their target price on Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 16th. The Goldman Sachs Group dropped their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Finally, Roth Mkm dropped their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $22.03.

Canadian Solar Stock Performance

Shares of CSIQ opened at $11.96 on Tuesday. The stock has a 50 day moving average of $13.89 and a 200 day moving average of $15.47. The company has a market capitalization of $791.26 million, a price-to-earnings ratio of 4.15, a PEG ratio of 4.92 and a beta of 1.31. Canadian Solar has a 12 month low of $11.41 and a 12 month high of $26.85. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business’s revenue was down 30.8% compared to the same quarter last year. During the same period last year, the firm posted $2.39 EPS. As a group, sell-side analysts forecast that Canadian Solar will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Institutional investors and hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp increased its holdings in Canadian Solar by 25.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after acquiring an additional 1,037,800 shares during the period. DNB Asset Management AS raised its position in shares of Canadian Solar by 31.4% in the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock worth $13,083,000 after buying an additional 211,820 shares in the last quarter. Robotti Robert boosted its stake in Canadian Solar by 92.5% during the first quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock valued at $6,234,000 after buying an additional 151,610 shares during the period. SIR Capital Management L.P. purchased a new position in Canadian Solar during the second quarter worth about $3,994,000. Finally, D. Scott Neal Inc. bought a new position in Canadian Solar in the 2nd quarter worth about $3,898,000. 52.36% of the stock is owned by hedge funds and other 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.