Citigroup Cuts Canadian Solar (NASDAQ:CSIQ) Price Target to $11.00

Canadian Solar (NASDAQ:CSIQ) had its target price trimmed by Citigroup from $12.00 to $11.00 in a research note published on Wednesday morning,BayStreet.CA reports. The firm currently has a sell rating on the solar energy provider’s stock.

Several other equities analysts have also recently weighed in on the company. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Wells Fargo & Company dropped their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. Mizuho initiated coverage on shares of Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Finally, The Goldman Sachs Group decreased their price objective on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research note on Wednesday. Five analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.84.

Canadian Solar Trading Down 3.8 %

NASDAQ:CSIQ opened at $9.23 on Wednesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. Canadian Solar has a one year low of $9.13 and a one year high of $21.05. The company has a market cap of $610.65 million, a PE ratio of -76.92, a PEG ratio of 0.74 and a beta of 1.34. The firm has a 50-day moving average of $10.26 and a 200-day moving average of $12.05.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.26). Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the prior year, the firm posted ($0.02) earnings per share. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, equities research analysts expect that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CSIQ. USCF Advisers LLC lifted its stake in Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 1,000 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after acquiring an additional 3,347 shares during the period. Sciencast Management LP purchased a new stake in Canadian Solar in the 4th quarter worth about $113,000. Miracle Mile Advisors LLC bought a new stake in Canadian Solar in the 4th quarter valued at about $133,000. Finally, Daiwa Securities Group Inc. lifted 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 purchasing an additional 1,500 shares during the last quarter. 52.36% of the stock is 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.