Wells Fargo & Company Cuts Canadian Solar (NASDAQ:CSIQ) Price Target to $10.00

Canadian Solar (NASDAQ:CSIQ) had its price objective trimmed by Wells Fargo & Company from $11.00 to $10.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the solar energy provider’s stock.

Several other equities research analysts also recently issued reports on the company. The Goldman Sachs Group increased their price objective on Canadian Solar from $8.00 to $9.00 and gave the stock a “sell” rating in a research note on Friday, May 16th. Roth Capital set a $11.00 price objective on Canadian Solar and gave the stock a “neutral” rating in a research note on Friday, May 16th. Citigroup reduced their price objective on Canadian Solar from $12.50 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, August 21st. Mizuho reduced their price objective on Canadian Solar from $17.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, August 22nd. Finally, Zacks Research downgraded Canadian Solar from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 21st. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Canadian Solar has an average rating of “Hold” and a consensus target price of $11.69.

Canadian Solar Stock Up 15.0%

Shares of Canadian Solar stock opened at $11.17 on Wednesday. The stock has a 50-day moving average price of $11.88 and a 200 day moving average price of $10.48. The company has a market cap of $748.05 million, a P/E ratio of -18.62 and a beta of 1.16. The company has a current ratio of 1.09, a quick ratio of 0.87 and a debt-to-equity ratio of 0.98. Canadian Solar has a 1 year low of $6.57 and a 1 year high of $19.55.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 21st. The solar energy provider reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($1.29). The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Canadian Solar had a negative return on equity of 4.97% and a negative net margin of 0.12%.The firm’s revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.02 earnings per share. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, analysts expect that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CSIQ. Raymond James Financial Inc. bought a new position in shares of Canadian Solar in the 2nd quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Canadian Solar in the 1st quarter valued at approximately $39,000. Wells Fargo & Company MN grew its holdings in Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after buying an additional 3,347 shares during the last quarter. Summit Securities Group LLC grew its holdings in Canadian Solar by 598.5% in the 1st quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider’s stock valued at $61,000 after buying an additional 6,015 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in Canadian Solar by 38.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after buying an additional 2,254 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.