Wells Fargo & Company Increases Canadian Solar (NASDAQ:CSIQ) Price Target to $11.00

Canadian Solar (NASDAQ:CSIQ) had its target price hoisted by stock analysts at Wells Fargo & Company from $10.00 to $11.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the solar energy provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 1.38% from the stock’s current price.

Several other research analysts have also issued reports on CSIQ. Citigroup raised Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 target price on the stock in a research report on Thursday, April 17th. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Roth Capital lowered Canadian Solar from a “buy” rating to a “neutral” rating and set a $9.00 target price on the stock. in a research report on Friday, April 25th. Finally, The Goldman Sachs Group reduced their target price on Canadian Solar from $11.00 to $9.00 and set a “sell” rating on the stock in a research report on Wednesday, March 26th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and an average price target of $16.86.

Canadian Solar Trading Up 1.5%

Shares of NASDAQ:CSIQ opened at $10.85 on Friday. The stock has a market capitalization of $717.83 million, a price-to-earnings ratio of -90.42, a PEG ratio of 0.74 and a beta of 1.35. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The stock’s 50-day simple moving average is $8.96 and its two-hundred day simple moving average is $10.63. Canadian Solar has a 52-week low of $6.57 and a 52-week high of $21.05.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Canadian Solar by 59.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider’s stock valued at $2,010,000 after purchasing an additional 67,331 shares during the period. Shah Capital Management boosted its stake in shares of Canadian Solar by 825.6% in the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after buying an additional 1,556,964 shares during the last quarter. Barclays PLC boosted its stake in shares of Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after buying an additional 95,924 shares during the last quarter. Waterfront Wealth Inc. boosted its stake in shares of Canadian Solar by 16.9% in the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after buying an additional 26,778 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Canadian Solar by 184.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after buying an additional 3,347 shares during the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

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.