Canadian Solar (NASDAQ:CSIQ) Downgraded to Sell at Citigroup

Citigroup lowered shares of Canadian Solar (NASDAQ:CSIQ) from a neutral rating to a sell rating in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. They currently have $11.00 price objective on the solar energy provider’s stock, down from their previous price objective of $19.00.

Other research analysts also recently issued reports about the stock. Glj Research raised their price target on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a report on Tuesday, July 30th. The Goldman Sachs Group dropped their price objective on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Oppenheimer decreased their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. Roth Mkm dropped their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Finally, StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $22.03.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $13.41 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04. Canadian Solar has a fifty-two week low of $11.41 and a fifty-two week high of $26.85. The stock has a market cap of $887.19 million, a PE ratio of 4.66, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31. The stock has a fifty day moving average of $13.77 and a 200-day moving average of $15.40.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the business posted $2.39 earnings per share. The company’s revenue was down 30.8% on a year-over-year basis. Equities research analysts anticipate that Canadian Solar will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC grew its position in Canadian Solar by 9.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after acquiring an additional 1,283 shares during the last quarter. American Century Companies Inc. boosted its position in Canadian Solar by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after acquiring an additional 1,383 shares in the last quarter. Quarry LP bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $31,000. Summit Place Financial Advisors LLC lifted its position in Canadian Solar by 7.8% during the 1st quarter. Summit Place Financial Advisors LLC now owns 33,013 shares of the solar energy provider’s stock valued at $652,000 after acquiring an additional 2,400 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in shares of Canadian Solar by 72.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after buying an additional 3,100 shares during the last quarter. 52.36% of the stock is owned by hedge funds and other 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.