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

Canadian Solar (NASDAQ:CSIQ) had its price target decreased by investment analysts at Citigroup from $12.00 to $11.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The brokerage currently has a “sell” rating on the solar energy provider’s stock. Citigroup’s price objective points to a potential upside of 14.70% from the stock’s current price.

A number of other brokerages also recently weighed in on CSIQ. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. The Goldman Sachs Group lowered their target price on Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a report on Wednesday. Wells Fargo & Company cut their price target on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Finally, Mizuho began coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective for the company. 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 MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.84.

Canadian Solar Price Performance

Canadian Solar stock opened at $9.59 on Wednesday. The firm has a market cap 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 stock’s 50 day moving average is $10.30 and its 200 day moving average is $12.06. 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 $9.19 and a one year high of $21.05.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (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 firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same quarter last year, the firm posted ($0.02) EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, research analysts expect that Canadian Solar will post -0.23 EPS for the current year.

Institutional Trading of Canadian Solar

Several hedge funds have recently bought and sold shares of CSIQ. Mackenzie Financial Corp grew its holdings in shares of Canadian Solar by 6.9% during the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock valued at $61,422,000 after buying an additional 357,900 shares during the last quarter. Vanguard Group Inc. lifted its position in Canadian Solar by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider’s stock valued at $22,544,000 after acquiring an additional 23,355 shares in the last quarter. Shah Capital Management boosted its stake in Canadian Solar by 825.6% during the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after purchasing an additional 1,556,964 shares during the last quarter. IvyRock Asset Management HK Ltd bought a new stake in Canadian Solar during the 4th quarter worth approximately $15,440,000. Finally, Greenwoods Asset Management Hong Kong Ltd. purchased a new stake in shares of Canadian Solar in the fourth quarter worth approximately $7,738,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

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.