Wells Fargo & Company Lowers Canadian Solar (NASDAQ:CSIQ) Price Target to $17.00

Canadian Solar (NASDAQ:CSIQ) had its target price lowered by research 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 firm currently has an “equal weight” rating on the solar energy provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 38.10% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Oppenheimer cut their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, March 20th. Roth Mkm cut their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Mizuho cut their price target on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Finally, Freedom Capital upgraded shares of Canadian Solar from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.36.

Canadian Solar Price Performance

Canadian Solar stock opened at $12.31 on Wednesday. The firm has a market capitalization of $824.40 million, a PE ratio of -4.92 and a beta of 1.37. Canadian Solar has a 12-month low of $6.85 and a 12-month high of $34.59. The firm has a 50-day moving average price of $17.16 and a 200-day moving average price of $19.81. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97.

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

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CSIQ. Raymond James Financial Inc. bought a new stake in Canadian Solar during the 2nd quarter valued at about $33,000. Caitong International Asset Management Co. Ltd raised its position in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after purchasing an additional 2,463 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in Canadian Solar during the 4th quarter valued at $48,000. Quarry LP bought a new stake in Canadian Solar during the 4th quarter valued at $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after purchasing an additional 312 shares in the last quarter. Institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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.