JPMorgan Chase & Co. Has Lowered Expectations for Canadian Solar (NASDAQ:CSIQ) Stock Price

Canadian Solar (NASDAQ:CSIQ) had its price objective dropped by JPMorgan Chase & Co. from $9.00 to $8.00 in a report released on Monday, Benzinga reports. The firm currently has an “underweight” rating on the solar energy provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 16.41% from the company’s current price.

CSIQ has been the topic of a number of other reports. Glj Research restated a “sell” rating and issued a $5.58 price objective on shares of Canadian Solar in a report on Thursday, August 27th. Wells Fargo & Company dropped their target price on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday, August 31st. Roth Capital set a $15.00 price objective on shares of Canadian Solar in a research note on Friday, August 28th. Weiss Ratings lowered Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 27th. Finally, Citigroup cut their target price on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, August 27th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $16.22.

Canadian Solar Trading Down 2.4%

Canadian Solar stock traded down $0.24 during trading on Monday, hitting $9.57. The company’s stock had a trading volume of 1,910,812 shares, compared to its average volume of 2,581,833. The stock’s fifty day moving average is $12.70 and its 200 day moving average is $14.63. Canadian Solar has a 1-year low of $9.30 and a 1-year high of $34.59. The stock has a market capitalization of $649.80 million, a price-to-earnings ratio of -2.49 and a beta of 1.53. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.78 and a current ratio of 1.02.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business posted ($0.53) earnings per share. The firm’s quarterly revenue was down 28.7% on a year-over-year basis. As a group, equities research analysts predict that Canadian Solar will post -2.93 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently bought and sold shares of CSIQ. Caisse de depot et placement du Quebec acquired a new position in shares of Canadian Solar in the second quarter worth about $2,262,141,000. Wellington Management Group LLP purchased a new position in Canadian Solar in the second quarter valued at about $1,018,259,000. Deutsche Bank AG acquired a new position in Canadian Solar in the second quarter worth approximately $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Canadian Solar during the 2nd quarter valued at $676,361,000. Finally, BlackRock Inc. bought a new position in shares of Canadian Solar during the 2nd quarter valued at $85,219,000. 52.36% of the stock is owned by institutional investors and hedge funds.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.