Canadian Solar (NASDAQ:CSIQ) Cut to Sell at StockNews.com

StockNews.com lowered shares of Canadian Solar (NASDAQ:CSIQ) from a hold rating to a sell rating in a research note issued to investors on Friday.

Several other research analysts also recently commented on CSIQ. Jefferies Financial Group began coverage on Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 target price for the company. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $14.00 to $11.00 in a report on Tuesday, December 17th. Wells Fargo & Company cut their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Finally, Mizuho assumed coverage on shares of Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective for the company. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $18.31.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $11.05 on Friday. The company has a fifty day moving average price of $11.94 and a two-hundred day moving average price of $13.58. Canadian Solar has a one year low of $10.60 and a one year high of $25.43. The stock has a market cap of $731.06 million, a P/E ratio of -92.08, a P/E/G ratio of 0.80 and a beta of 1.27. 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 (NASDAQ:CSIQ) last issued its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the business posted $0.32 EPS. Canadian Solar’s revenue was down 18.4% on a year-over-year basis. As a group, equities analysts predict that Canadian Solar will post -0.23 EPS for the current year.

Institutional Trading of Canadian Solar

A number of institutional investors and hedge funds have recently made changes to their positions in the company. USCF Advisers LLC increased 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 acquiring an additional 1,000 shares during the last quarter. American Century Companies Inc. increased its stake in shares of 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 valued at $276,000 after purchasing an additional 1,383 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Canadian Solar by 20.3% during 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Canadian Solar by 1.4% during the 3rd 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 in the last quarter. Finally, Quarry LP bought a new stake in shares of Canadian Solar during the 2nd quarter worth $31,000. Institutional investors own 52.36% of the company’s stock.

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.