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

Canadian Solar (NASDAQ:CSIQ) had its target price lowered by The Goldman Sachs Group from $11.00 to $9.00 in a report released on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the solar energy provider’s stock.

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

Canadian Solar Trading Down 3.8 %

Shares of Canadian Solar stock opened at $9.23 on Wednesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The firm has a 50-day moving average of $10.26 and a 200-day moving average of $12.05. Canadian Solar has a 52-week low of $9.13 and a 52-week high of $21.05. The stock has a market cap of $610.65 million, a PE ratio of -76.92, a PEG ratio of 0.74 and a beta of 1.34.

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

Institutional Trading of Canadian Solar

Institutional investors and hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp grew its position in Canadian Solar by 6.9% in the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock valued at $61,422,000 after acquiring an additional 357,900 shares during the last quarter. Shell Asset Management Co. lifted its stake in Canadian Solar by 11.4% in the 4th quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock valued at $450,000 after purchasing an additional 4,134 shares during the last quarter. Deutsche Bank AG acquired a new stake in Canadian Solar in the fourth quarter valued at approximately $308,000. Bayesian Capital Management LP bought a new stake in shares of Canadian Solar during the fourth quarter worth $331,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Canadian Solar by 32.0% during the fourth quarter. BNP Paribas Financial Markets now owns 323,238 shares of the solar energy provider’s stock worth $3,594,000 after buying an additional 78,306 shares during the last quarter. 52.36% of the stock is currently owned by 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.