Citigroup Downgrades Canadian Solar (NASDAQ:CSIQ) to Sell

Citigroup downgraded shares of Canadian Solar (NASDAQ:CSIQ - Free Report) from a neutral rating to a sell rating in a report issued on Tuesday, MarketBeat reports. Citigroup currently has $11.00 price target on the solar energy provider's stock, down from their previous price target of $19.00.

CSIQ has been the topic of a number of other research reports. StockNews.com cut shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Wednesday, July 31st. The Goldman Sachs Group decreased their target price on shares of Canadian Solar from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Monday, August 26th. Oppenheimer dropped their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an "outperform" rating for the company in a report on Friday, August 23rd. JPMorgan Chase & Co. raised their target price on Canadian Solar from $17.00 to $20.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 16th. Finally, Glj Research boosted their price target on shares of Canadian Solar from $9.10 to $12.28 and gave the company a "sell" rating in a research note on Tuesday, July 30th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $22.03.

Canadian Solar Stock Up 0.6 %

Canadian Solar stock traded up $0.07 during midday trading on Tuesday, hitting $12.70. 2,861,499 shares of the company's stock were exchanged, compared to its average volume of 1,614,753. The company has a market cap of $840.22 million, a PE ratio of 4.41, a P/E/G ratio of 4.92 and a beta of 1.31. The firm has a 50-day moving average of $13.93 and a two-hundred day moving average of $15.51. 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 12 month low of $11.41 and a 12 month high of $26.85.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.03. The firm had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business's quarterly revenue was down 30.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.39 EPS. As a group, analysts expect that Canadian Solar will post 0.12 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

A number of hedge funds have recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at about $31,000. Daiwa Securities Group Inc. increased its stake in Canadian Solar by 72.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider's stock valued at $146,000 after buying an additional 3,100 shares during the period. Private Advisor Group LLC acquired a new stake in Canadian Solar in the third quarter worth approximately $219,000. Northwestern Mutual Wealth Management Co. raised its position 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 acquiring an additional 4,739 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Canadian Solar by 27.6% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider's stock valued at $257,000 after acquiring an additional 3,768 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.