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

Canadian Solar (NASDAQ:CSIQ) had its target price cut by investment analysts at Wells Fargo & Company from $13.00 to $10.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the solar energy provider’s stock. Wells Fargo & Company‘s target price would indicate a potential downside of 21.94% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the company from $14.00 to $11.00 in a report on Tuesday, December 17th. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research report on Tuesday. Jefferies Financial Group began coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. Finally, Mizuho began coverage on shares of Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.31.

Canadian Solar Price Performance

CSIQ stock traded down $0.48 on Wednesday, hitting $12.81. 355,257 shares of the company’s stock traded hands, compared to its average volume of 1,691,971. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock has a market cap of $847.50 million, a price-to-earnings ratio of -106.75, a P/E/G ratio of 8.89 and a beta of 1.27. Canadian Solar has a 1-year low of $10.60 and a 1-year high of $25.43. The stock has a fifty day moving average of $12.33 and a 200-day moving average of $13.74.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping 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 company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same period last year, the company posted $0.32 earnings per share. The business’s revenue for the quarter was down 18.4% on a year-over-year basis. On average, analysts forecast that Canadian Solar will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

A number of institutional investors have recently modified their holdings of CSIQ. Sanctuary Advisors LLC increased its stake in shares of Canadian Solar by 37.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 31,029 shares of the solar energy provider’s stock valued at $520,000 after buying an additional 8,404 shares during the period. Barclays PLC raised its holdings in Canadian Solar by 494.4% during the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after purchasing an additional 95,924 shares during the last quarter. State Street Corp lifted its position in Canadian Solar by 5.6% during the 3rd quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock valued at $8,159,000 after purchasing an additional 25,901 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position 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 during the period. Finally, Quantbot Technologies LP bought a new stake in shares of Canadian Solar during the third quarter worth approximately $1,109,000. 52.36% of the stock is owned by institutional investors.

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.