Citigroup Has Lowered Expectations for Canadian Solar (NASDAQ:CSIQ) Stock Price

Canadian Solar (NASDAQ:CSIQ - Free Report) had its price objective trimmed by Citigroup from $12.00 to $11.00 in a research note published on Wednesday,BayStreet.CA reports. The firm currently has a sell rating on the solar energy provider's stock.

A number of other equities analysts have also recently commented on CSIQ. Mizuho started coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an "outperform" rating and a $20.00 price objective for the company. The Goldman Sachs Group lowered their price objective on Canadian Solar from $11.00 to $9.00 and set a "sell" rating on the stock in a research report on Wednesday. StockNews.com cut shares of Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Finally, Wells Fargo & Company dropped their price objective 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. Five analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Solar presently has a consensus rating of "Hold" and a consensus target price of $17.84.

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Canadian Solar Trading Down 3.8 %

NASDAQ CSIQ traded down $0.36 during trading on Wednesday, reaching $9.23. 1,878,199 shares of the stock traded hands, compared to its average volume of 1,851,608. The stock's 50-day moving average price is $10.26 and its 200 day moving average price is $12.04. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The firm has a market cap of $610.65 million, a price-to-earnings ratio of -76.92, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. Canadian Solar has a fifty-two week low of $9.13 and a fifty-two week high of $21.05.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($1.26). The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company's revenue was down 1.8% compared to the same quarter last year. During the same period last year, the company earned ($0.02) EPS. Analysts predict that Canadian Solar will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently added to or reduced their stakes in CSIQ. USCF Advisers LLC increased its holdings in Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider's stock worth $28,000 after purchasing an additional 1,000 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider's stock valued at $149,000 after purchasing an additional 1,500 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Canadian Solar by 1.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider's stock worth $1,847,000 after purchasing an additional 1,522 shares in the last quarter. Wells Fargo & Company MN lifted its stake 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 valued at $57,000 after acquiring an additional 3,347 shares in the last quarter. Finally, Shell Asset Management Co. increased its position in shares of Canadian Solar by 11.4% during the fourth quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider's stock valued at $450,000 after acquiring an additional 4,134 shares during the last quarter. Institutional investors own 52.36% of the company's stock.

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.