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

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

A number of other equities analysts have also commented on the stock. 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 research report on Monday, August 26th. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Wells Fargo & Company lowered their price objective on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 5th. The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $14.00 to $11.00 in a research report on Tuesday. Finally, Oppenheimer lowered their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, August 23rd. Five equities 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 stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $18.58.

Canadian Solar Stock Performance

Shares of CSIQ traded down $0.35 during mid-day trading on Wednesday, hitting $11.32. The stock had a trading volume of 1,931,485 shares, compared to its average volume of 1,748,311. Canadian Solar has a 52 week low of $10.91 and a 52 week high of $26.85. 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 business has a fifty day moving average price of $12.73 and a 200-day moving average price of $14.34. The firm has a market cap of $748.92 million, a P/E ratio of -94.33, a PEG ratio of 8.89 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data 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. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the firm earned $0.32 EPS. Canadian Solar’s revenue for the quarter was down 18.4% on a year-over-year basis. On average, equities research analysts expect that Canadian Solar will post 0.06 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp increased its position in shares of Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after acquiring an additional 1,037,800 shares during the period. SIR Capital Management L.P. purchased a new position in Canadian Solar during the 2nd quarter valued at about $3,994,000. Foundry Partners LLC bought a new position in Canadian Solar during the 2nd quarter valued at approximately $3,667,000. Cerity Partners LLC lifted its holdings in Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after buying an additional 243,542 shares during the period. Finally, Barclays PLC grew its position in shares of Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after buying an additional 95,924 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

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.