Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $9.00 by Analysts at The Goldman Sachs Group

Canadian Solar (NASDAQ:CSIQ - Get Free Report) had its price objective lowered by equities research analysts at The Goldman Sachs Group from $11.00 to $9.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "sell" rating on the solar energy provider's stock. The Goldman Sachs Group's price target would indicate a potential downside of 2.49% from the stock's current price.

A number of other equities research analysts also recently issued reports on the stock. StockNews.com downgraded shares of 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 price target for the company. Finally, Wells Fargo & Company decreased their price objective on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 8th. Five analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $17.84.

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Canadian Solar Stock Performance

NASDAQ:CSIQ traded down $0.36 during trading hours on Wednesday, reaching $9.23. The company had a trading volume of 1,878,199 shares, compared to its average volume of 1,851,608. The firm's 50 day moving average price is $10.26 and its 200-day moving average price is $12.04. The firm has a market cap of $610.65 million, a price-to-earnings ratio of -76.92, a PEG ratio of 0.74 and a beta of 1.34. 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 52 week low of $9.13 and a 52 week high of $21.05.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its 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). Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm 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 company posted ($0.02) EPS. The firm's revenue was down 1.8% compared to the same quarter last year. On average, analysts forecast that Canadian Solar will post -0.23 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently added to or reduced their stakes in CSIQ. Charles Schwab Investment Management Inc. lifted its stake in Canadian Solar by 101.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider's stock worth $1,902,000 after purchasing an additional 57,246 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Canadian Solar by 131.5% in the third 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. Daiwa Securities Group Inc. lifted its position in shares of 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 buying an additional 1,500 shares in the last quarter. Quantbot Technologies LP bought a new position in Canadian Solar during the third quarter valued at approximately $1,109,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in 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 valued at $1,847,000 after buying an additional 1,522 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.