The Goldman Sachs Group Has Lowered Expectations for Canadian Solar (NASDAQ:CSIQ) Stock Price

Canadian Solar (NASDAQ:CSIQ) had its price target dropped by research analysts at The Goldman Sachs Group from $11.00 to $9.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the solar energy provider’s stock. The Goldman Sachs Group’s price target would suggest a potential downside of 7.87% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, Mizuho assumed coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 target price for the company. Five research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $17.84.

Canadian Solar Stock Performance

CSIQ traded up $0.01 during midday trading on Wednesday, hitting $9.77. 1,675,329 shares of the company were exchanged, compared to its average volume of 1,822,998. 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 company’s 50 day simple moving average is $10.36 and its 200 day simple moving average is $12.10. Canadian Solar has a 1-year low of $9.19 and a 1-year high of $21.05. The firm has a market capitalization of $646.31 million, a price-to-earnings ratio of -81.46, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.57 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts predict that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds have recently added to or reduced their stakes in the stock. USCF Advisers LLC increased its stake in shares of Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 1,000 shares during the period. Wells Fargo & Company MN boosted its position in Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after acquiring an additional 3,347 shares during the period. Sciencast Management LP bought a new position in shares of Canadian Solar in the fourth quarter worth $113,000. Miracle Mile Advisors LLC acquired a new position in shares of Canadian Solar during the fourth quarter valued at $133,000. Finally, 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 worth $149,000 after purchasing an additional 1,500 shares during the period. 52.36% of the stock is currently 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.