Canadian Solar (NASDAQ:CSIQ) Given New $10.00 Price Target at Wells Fargo & Company

Canadian Solar (NASDAQ:CSIQ) had its price objective reduced by Wells Fargo & Company from $13.00 to $10.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the solar energy provider’s stock.

Several other analysts have also weighed in on CSIQ. The Goldman Sachs Group lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Mizuho initiated coverage on shares of Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 target price for the company. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Tuesday. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target for the company. Finally, Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Four analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $18.31.

Canadian Solar Stock Down 4.1 %

Shares of NASDAQ:CSIQ opened at $12.74 on Wednesday. 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 has a 12-month low of $10.60 and a 12-month high of $25.43. The company has a fifty day simple moving average of $12.30 and a 200 day simple moving average of $13.74. The firm has a market cap of $842.87 million, a PE ratio of -106.17, a price-to-earnings-growth ratio of 8.89 and a beta of 1.27.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating 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 firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The firm’s revenue for the quarter was down 18.4% compared to the same quarter last year. On average, equities research analysts anticipate that Canadian Solar will post 0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors have recently bought and sold shares of CSIQ. Quarry LP acquired a new stake in Canadian Solar in the second quarter worth about $31,000. 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. Private Advisor Group LLC acquired a new stake in Canadian Solar in the third quarter worth about $219,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Canadian Solar by 43.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after purchasing an additional 4,739 shares during the period. Finally, American Century Companies Inc. lifted its holdings in Canadian Solar by 8.0% in 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 during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

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.