The Goldman Sachs Group Increases Canadian Solar (NASDAQ:CSIQ) Price Target to $9.00

Canadian Solar (NASDAQ:CSIQ) had its price objective upped by investment analysts at The Goldman Sachs Group from $8.00 to $9.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “sell” rating on the solar energy provider’s stock. The Goldman Sachs Group’s target price would suggest a potential downside of 17.05% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Citigroup upgraded shares of Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 price objective for the company in a research note on Thursday, April 17th. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Wells Fargo & Company boosted their target price on shares of Canadian Solar from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Roth Capital cut shares of Canadian Solar from a “buy” rating to a “neutral” rating and set a $9.00 target price for the company. in a research report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $16.86.

Canadian Solar Stock Up 1.5%

Shares of CSIQ stock opened at $10.85 on Friday. The firm has a fifty day moving average of $8.96 and a 200-day moving average of $10.63. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. Canadian Solar has a 12-month low of $6.57 and a 12-month high of $21.05. The company has a market capitalization of $717.83 million, a price-to-earnings ratio of -90.42, a P/E/G ratio of 0.74 and a beta of 1.35.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) EPS for the quarter, beating analysts’ consensus estimates of ($1.50) by $0.43. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. As a group, equities research analysts predict that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CSIQ. Caitong International Asset Management Co. Ltd purchased a new position in shares of Canadian Solar during the first quarter valued at approximately $39,000. Wells Fargo & Company MN raised its holdings in shares of Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after purchasing an additional 3,347 shares during the last quarter. Summit Securities Group LLC raised its holdings in shares of Canadian Solar by 598.5% during the first quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider’s stock valued at $61,000 after purchasing an additional 6,015 shares during the last quarter. Sciencast Management LP purchased a new position in shares of Canadian Solar during the fourth quarter valued at approximately $113,000. Finally, Miracle Mile Advisors LLC purchased a new position in shares of Canadian Solar during the fourth quarter valued at approximately $133,000. 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.