Canadian Solar (NASDAQ:CSIQ) Downgraded to Sell Rating by StockNews.com

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

Other analysts have also issued reports about the company. Mizuho began coverage on Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 price target on the stock. Jefferies Financial Group began coverage on shares of Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price for the company. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the company from $14.00 to $11.00 in a research report on Tuesday. Roth Mkm lowered their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Finally, Wells Fargo & Company dropped their price objective on shares of 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 analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $18.58.

Canadian Solar Stock Performance

CSIQ opened at $11.32 on Wednesday. The firm’s fifty day simple moving average is $12.73 and its two-hundred day simple moving average is $14.34. Canadian Solar has a 52-week low of $10.91 and a 52-week high of $26.85. The company has a market cap of $748.92 million, a price-to-earnings ratio of -94.33, a PEG ratio of 8.89 and a beta of 1.29. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period last year, the company posted $0.32 EPS. Canadian Solar’s quarterly revenue was down 18.4% compared to the same quarter last year. Equities analysts anticipate that Canadian Solar will post 0.06 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC grew its position in Canadian Solar by 37.1% in the third quarter. Sanctuary Advisors LLC now owns 31,029 shares of the solar energy provider’s stock worth $520,000 after acquiring an additional 8,404 shares during the period. Barclays PLC lifted its stake in shares of Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after purchasing an additional 95,924 shares during the last quarter. State Street Corp grew its holdings in shares of Canadian Solar by 5.6% during the 3rd quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock worth $8,159,000 after purchasing an additional 25,901 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased 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 purchasing an additional 1,522 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Canadian Solar in the 3rd quarter valued at about $1,109,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

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.