Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $17.00 by Analysts at Wells Fargo & Company

Canadian Solar (NASDAQ:CSIQ) had its target price reduced by analysts at Wells Fargo & Company from $23.00 to $17.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the solar energy provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 36.04% from the company’s current price.

CSIQ has been the topic of several other research reports. Wall Street Zen cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Saturday. Oppenheimer reduced their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, March 20th. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. Mizuho reduced their price objective on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 23rd. Finally, Freedom Capital raised Canadian Solar from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $18.36.

Canadian Solar Price Performance

Shares of CSIQ stock traded up $0.39 during trading hours on Wednesday, hitting $12.50. The stock had a trading volume of 2,524,565 shares, compared to its average volume of 2,896,820. Canadian Solar has a one year low of $6.57 and a one year high of $34.59. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83. The stock’s 50-day moving average price is $17.50 and its two-hundred day moving average price is $19.91. The stock has a market capitalization of $836.88 million, a price-to-earnings ratio of -4.99 and a beta of 1.37.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC bought a new position in shares of Canadian Solar in the fourth quarter worth about $278,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Canadian Solar in the fourth quarter worth about $1,140,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Canadian Solar by 427.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 16,879 shares of the solar energy provider’s stock worth $401,000 after purchasing an additional 13,681 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Canadian Solar in the fourth quarter worth about $410,000. Finally, Voloridge Investment Management LLC bought a new position in shares of Canadian Solar in the fourth quarter worth about $6,013,000. 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.