Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $9.00 by Analysts at The Goldman Sachs Group

Canadian Solar (NASDAQ:CSIQ) had its price objective cut by research analysts at The Goldman Sachs Group from $11.00 to $9.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sell” rating on the solar energy provider’s stock. The Goldman Sachs Group’s price objective indicates a potential downside of 6.15% from the company’s previous close.

CSIQ has been the topic of a number of other research reports. Wells Fargo & Company cut 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 report on Wednesday, January 8th. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Finally, Mizuho initiated coverage on Canadian Solar in a research report on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Five analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Canadian Solar currently has a consensus rating of “Hold” and a consensus price target of $17.84.

Canadian Solar Price Performance

NASDAQ CSIQ opened at $9.59 on Wednesday. The stock has a market capitalization of $634.46 million, a P/E ratio of -79.92, a P/E/G ratio of 0.74 and a beta of 1.34. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The business’s fifty day moving average is $10.30 and its two-hundred day moving average is $12.06. Canadian Solar has a 1 year low of $9.19 and a 1 year high of $21.05.

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

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently modified their holdings of CSIQ. USCF Advisers LLC boosted its position in Canadian Solar by 66.7% during 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 raised 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 purchasing an additional 3,347 shares in the last quarter. Sciencast Management LP acquired a new stake in shares of Canadian Solar during the 4th quarter valued at about $113,000. Miracle Mile Advisors LLC acquired a new position in Canadian Solar in the fourth quarter worth approximately $133,000. Finally, Daiwa Securities Group Inc. increased its holdings in 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. 52.36% of the stock is owned by institutional investors and hedge funds.

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.