Canadian Solar (NASDAQ:CSIQ) Cut to “Sell” at The Goldman Sachs Group

The Goldman Sachs Group downgraded shares of Canadian Solar (NASDAQ:CSIQ) from a neutral rating to a sell rating in a report issued on Tuesday morning, MarketBeat.com reports. The brokerage currently has $11.00 target price on the solar energy provider’s stock, down from their previous target price of $14.00.

CSIQ has been the subject of several other research reports. Roth Mkm decreased their price objective on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Jefferies Financial Group initiated coverage on Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 price target for the company. Wells Fargo & Company dropped their price target on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 5th. Mizuho started coverage on shares of Canadian Solar in a research report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, StockNews.com upgraded Canadian Solar from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.58.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ opened at $11.67 on Tuesday. The firm has a 50 day moving average of $12.80 and a 200 day moving average of $14.36. 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 company has a market capitalization of $772.08 million, a price-to-earnings ratio of -97.25, a price-to-earnings-growth ratio of 8.89 and a beta of 1.29. Canadian Solar has a 52 week low of $10.91 and a 52 week high of $26.85.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the company posted $0.32 EPS. The business’s revenue for the quarter was down 18.4% compared to the same quarter last year. On average, sell-side analysts predict that Canadian Solar will post 0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of the business. American Century Companies Inc. grew its holdings in Canadian Solar by 8.0% in the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after purchasing an additional 1,383 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after buying an additional 1,500 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Canadian Solar by 1.4% in 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 acquiring an additional 1,522 shares during the period. Quarry LP purchased a new stake in Canadian Solar in the 2nd quarter worth $31,000. Finally, Green Alpha Advisors LLC raised its position in Canadian Solar by 8.8% during the third quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock worth $677,000 after acquiring an additional 3,282 shares during the period. Hedge funds and other 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.