Canadian Solar (NASDAQ:CSIQ) Given New $17.00 Price Target at Wells Fargo & Company

Canadian Solar (NASDAQ:CSIQ) had its price target trimmed by Wells Fargo & Company from $23.00 to $17.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the solar energy provider’s stock.

Several other equities research analysts have also recently issued reports on the stock. Mizuho lowered their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Freedom Capital raised shares of Canadian Solar from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 24th. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Oppenheimer lowered their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, March 20th. Finally, Wall Street Zen cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.36.

Canadian Solar Price Performance

Canadian Solar stock opened at $12.53 on Wednesday. The stock has a market cap of $839.13 million, a price-to-earnings ratio of -5.01 and a beta of 1.37. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83. Canadian Solar has a 1 year low of $6.57 and a 1 year high of $34.59. The firm has a 50-day moving average of $17.31 and a two-hundred day moving average of $19.86.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share (EPS) for the quarter. The company had revenue of $1.22 billion during the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. On average, research analysts forecast that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. grew its holdings in Canadian Solar by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after purchasing an additional 92,002 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Canadian Solar by 141.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock valued at $100,000 after purchasing an additional 5,338 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Canadian Solar by 20.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock worth $9,539,000 after purchasing an additional 145,867 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar in the 2nd quarter worth $33,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Canadian Solar in the 2nd quarter worth $790,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.