Wells Fargo & Company Cuts Canadian Solar (NASDAQ:CSIQ) Price Target to $10.00

Canadian Solar (NASDAQ:CSIQ - Get Free Report) had its price target reduced by equities researchers at Wells Fargo & Company from $13.00 to $10.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the solar energy provider's stock. Wells Fargo & Company's price objective suggests a potential downside of 21.51% from the company's current price.

CSIQ has been the topic of a number of other research reports. The Goldman Sachs Group downgraded Canadian Solar from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Jefferies Financial Group assumed coverage on Canadian Solar in a research report on Friday, November 22nd. They issued a "buy" rating and a $14.15 price target on the stock. Mizuho started coverage on Canadian Solar in a research note on Friday, December 13th. They issued an "outperform" rating and a $20.00 price target for the company. StockNews.com upgraded shares of Canadian Solar from a "sell" rating to a "hold" rating in a research note on Tuesday. Finally, Citigroup cut shares of Canadian Solar from a "neutral" rating to a "sell" rating and dropped their target price for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $18.31.

Canadian Solar Stock Performance

CSIQ traded down $0.55 during trading on Wednesday, hitting $12.74. The stock had a trading volume of 1,462,235 shares, compared to its average volume of 1,940,199. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The company has a 50 day moving average price of $12.30 and a 200-day moving average price of $13.74. Canadian Solar has a one year low of $10.60 and a one year high of $25.43. The firm has a market cap of $842.87 million, a price-to-earnings ratio of -106.17, a P/E/G ratio of 8.89 and a beta of 1.27.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.71 billion. During the same quarter in the previous year, the business posted $0.32 earnings per share. Canadian Solar's quarterly revenue was down 18.4% on a year-over-year basis. As a group, research analysts predict that Canadian Solar will post 0.06 EPS for the current year.

Institutional Trading of Canadian Solar

Hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC lifted its holdings in Canadian Solar by 37.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 31,029 shares of the solar energy provider's stock worth $520,000 after buying an additional 8,404 shares during the period. Barclays PLC lifted its stake in shares of Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider's stock worth $1,932,000 after acquiring an additional 95,924 shares during the period. State Street Corp lifted its holdings in Canadian Solar by 5.6% in the third quarter. State Street Corp now owns 486,800 shares of the solar energy provider's stock valued at $8,159,000 after buying an additional 25,901 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 valued at $1,847,000 after purchasing an additional 1,522 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Canadian Solar during the 3rd quarter worth approximately $1,109,000. 52.36% of the stock is owned by institutional investors and hedge funds.

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.