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

StockNews.com downgraded shares of Canadian Solar (NASDAQ:CSIQ) from a hold rating to a sell rating in a report issued on Wednesday morning.

A number of other brokerages also recently issued reports on CSIQ. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective on the stock. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Oppenheimer lowered their price objective on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 23rd. Roth Mkm dropped their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Finally, Wells Fargo & Company decreased their price target on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 5th. Five investment analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Solar presently has an average rating of “Hold” and an average price target of $18.58.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ opened at $11.50 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $760.83 million, a price-to-earnings ratio of -95.83, a price-to-earnings-growth ratio of 8.89 and a beta of 1.29. The firm has a 50 day moving average of $12.66 and a 200 day moving average of $14.31. Canadian Solar has a 52 week low of $10.60 and a 52 week high of $26.85.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the prior year, the business posted $0.32 EPS. The firm’s quarterly revenue was down 18.4% on a year-over-year basis. On average, sell-side analysts predict that Canadian Solar will post 0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP acquired a new position in Canadian Solar in the 2nd quarter valued at about $31,000. Daiwa Securities Group Inc. lifted 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 valued at $149,000 after acquiring an additional 1,500 shares during the last quarter. Private Advisor Group LLC purchased a new position in Canadian Solar in the third quarter worth approximately $219,000. Northwestern Mutual Wealth Management Co. increased its stake in Canadian Solar by 43.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after acquiring an additional 4,739 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Canadian Solar by 8.0% in the second 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 period. 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.