Canadian Solar (NASDAQ:CSIQ) Downgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Canadian Solar (NASDAQ:CSIQ) from a neutral rating to an underweight rating in a research report released on Wednesday, MarketBeat.com reports. They currently have $22.00 target price on the solar energy provider’s stock, down from their prior target price of $32.00.

A number of other analysts have also issued reports on CSIQ. Citigroup cut their price target on shares of Canadian Solar from $30.00 to $26.00 and set a neutral rating on the stock in a research note on Wednesday, October 18th. Roth Mkm cut their target price on shares of Canadian Solar from $70.00 to $50.00 and set a buy rating on the stock in a research note on Wednesday, August 23rd. Oppenheimer restated an outperform rating and set a $68.00 target price on shares of Canadian Solar in a research note on Wednesday, August 23rd. StockNews.com started coverage on Canadian Solar in a report on Thursday, October 5th. They issued a hold rating for the company. Finally, UBS Group lowered their price target on Canadian Solar from $50.00 to $47.00 and set a buy rating for the company in a report on Tuesday, August 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Canadian Solar has a consensus rating of Hold and a consensus target price of $37.75.

Canadian Solar Stock Down 0.3 %

Shares of CSIQ opened at $20.45 on Wednesday. The firm has a market cap of $1.32 billion, a P/E ratio of 4.08 and a beta of 1.49. Canadian Solar has a 12-month low of $17.82 and a 12-month high of $45.29. The company’s 50-day moving average price is $22.83 and its 200 day moving average price is $31.34. The company has a current ratio of 1.16, a quick ratio of 0.96 and a debt-to-equity ratio of 0.40.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Tuesday, November 14th. The solar energy provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.50). The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Canadian Solar had a net margin of 4.48% and a return on equity of 11.98%. The firm’s quarterly revenue was down 4.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 earnings per share. On average, sell-side analysts forecast that Canadian Solar will post 6.21 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Several large investors have recently modified their holdings of CSIQ. American Century Companies Inc. increased its position in shares of Canadian Solar by 4.1% in the first quarter. American Century Companies Inc. now owns 31,650 shares of the solar energy provider’s stock valued at $1,119,000 after buying an additional 1,252 shares in the last quarter. Cetera Advisor Networks LLC boosted its stake in Canadian Solar by 10.2% in the 1st quarter. Cetera Advisor Networks LLC now owns 11,647 shares of the solar energy provider’s stock worth $412,000 after buying an additional 1,074 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Canadian Solar by 20.7% in the 1st quarter. Bank of Montreal Can now owns 11,853 shares of the solar energy provider’s stock valued at $416,000 after purchasing an additional 2,036 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Canadian Solar by 115.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after purchasing an additional 589 shares in the last quarter. Finally, Cibc World Market Inc. acquired a new position in shares of Canadian Solar in the 1st quarter valued at about $272,000. Hedge funds and other institutional investors own 50.35% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.