The Goldman Sachs Group Cuts Canadian Solar (NASDAQ:CSIQ) Price Target to $9.00

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

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

Canadian Solar Stock Performance

Shares of Canadian Solar stock opened at $9.23 on Wednesday. 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 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. The stock’s 50-day moving average is $10.26 and its 200-day moving average is $12.05. Canadian Solar has a one year low of $9.13 and a one year high of $21.05.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) EPS for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.57 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.02) EPS. Equities analysts predict that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp boosted its position in Canadian Solar by 6.9% during the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock worth $61,422,000 after purchasing an additional 357,900 shares during the period. Vanguard Group Inc. lifted its stake in shares of Canadian Solar by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider’s stock worth $22,544,000 after buying an additional 23,355 shares during the last quarter. Shah Capital Management boosted its holdings in shares of Canadian Solar by 825.6% during the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after buying an additional 1,556,964 shares during the period. IvyRock Asset Management HK Ltd acquired a new position in Canadian Solar in the 4th quarter valued at about $15,440,000. Finally, Greenwoods Asset Management Hong Kong Ltd. bought a new position in Canadian Solar in the 4th quarter valued at about $7,738,000. 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.