Canadian Solar (NASDAQ:CSIQ) PT Lowered to $16.00

Canadian Solar (NASDAQ:CSIQ) had its price objective decreased by The Goldman Sachs Group from $18.00 to $16.00 in a report released on Monday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the solar energy provider’s stock.

Other equities analysts also recently issued reports about the company. Roth Mkm restated a buy rating and set a $25.00 price objective on shares of Canadian Solar in a research report on Wednesday, May 22nd. JPMorgan Chase & Co. raised their price objective on Canadian Solar from $17.00 to $20.00 and gave the stock an underweight rating in a research report on Tuesday, July 16th. StockNews.com downgraded Canadian Solar from a hold rating to a sell rating in a research report on Wednesday, July 31st. UBS Group lowered their price objective on Canadian Solar from $38.00 to $35.00 and set a buy rating for the company in a research report on Wednesday, June 12th. Finally, Glj Research raised their price objective on Canadian Solar from $9.10 to $12.28 and gave the stock a sell rating in a research report on Tuesday, July 30th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $23.33.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $12.51 on Monday. The business’s 50-day moving average price is $15.08 and its 200-day moving average price is $17.25. Canadian Solar has a 12 month low of $12.18 and a 12 month high of $28.72. The firm has a market capitalization of $827.65 million, a price-to-earnings ratio of 4.34, a PEG ratio of 0.30 and a beta of 1.29. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a return on equity of 5.61% and a net margin of 2.80%. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the firm posted $2.39 earnings per share. The business’s revenue for the quarter was down 30.8% on a year-over-year basis. Equities research analysts forecast that Canadian Solar will post 2.07 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently modified their holdings of the company. Green Alpha Advisors LLC increased its holdings in shares of Canadian Solar by 1.9% during the first quarter. Green Alpha Advisors LLC now owns 41,136 shares of the solar energy provider’s stock valued at $813,000 after acquiring an additional 766 shares in the last quarter. Scotia Capital Inc. increased its holdings in shares of Canadian Solar by 3.0% during the fourth quarter. Scotia Capital Inc. now owns 39,400 shares of the solar energy provider’s stock valued at $1,033,000 after acquiring an additional 1,130 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after acquiring an additional 1,283 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Canadian Solar by 8.0% during the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after acquiring an additional 1,383 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $31,000. Institutional investors 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.