Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $10.00 by Analysts at Wells Fargo & Company

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

Other research analysts have also issued research reports about the stock. Mizuho began 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 on the stock. The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their target price for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Jefferies Financial Group started coverage on Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target on the stock. Finally, StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Tuesday. Four 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.31.

Canadian Solar Stock Down 3.6 %

Shares of CSIQ stock traded down $0.48 during trading hours on Wednesday, hitting $12.81. 355,257 shares of the company were exchanged, compared to its average volume of 1,691,971. The company has a market capitalization of $847.50 million, a PE ratio of -106.75, a PEG ratio of 8.89 and a beta of 1.27. Canadian Solar has a 52 week low of $10.60 and a 52 week high of $25.43. The business has a 50 day moving average of $12.33 and a two-hundred day moving average of $13.74. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CSIQ. Mackenzie Financial Corp raised its position in Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after acquiring an additional 1,037,800 shares during the period. Cerity Partners LLC increased its stake in shares of Canadian Solar by 131.5% during the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares during the last quarter. Barclays PLC raised its holdings 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 worth $1,932,000 after purchasing an additional 95,924 shares during the period. Quantbot Technologies LP purchased a new position in Canadian Solar in the third quarter valued at approximately $1,109,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Canadian Solar by 101.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock valued at $1,902,000 after purchasing an additional 57,246 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

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.