Canadian Solar (NASDAQ:CSIQ) Price Target Cut to $8.00 by Analysts at JPMorgan Chase & Co.

Canadian Solar (NASDAQ:CSIQ) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $9.00 to $8.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “underweight” rating on the solar energy provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 16.41% from the company’s previous close.

CSIQ has been the topic of a number of other reports. Wall Street Zen cut Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 29th. Roth Capital set a $15.00 price objective on Canadian Solar in a research report on Friday, August 28th. UBS Group decreased their price target on Canadian Solar from $25.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, October 14th. Citigroup dropped their price target on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. Finally, Zacks Research lowered shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a report on Thursday. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Canadian Solar has an average rating of “Reduce” and a consensus target price of $16.22.

Canadian Solar Stock Performance

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

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 the consensus estimate of ($0.18) by ($1.22). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The company’s revenue was down 28.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.53) earnings per share. Equities analysts forecast that Canadian Solar will post -2.93 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

Hedge funds have recently added to or reduced their stakes in the business. Counterpoint Mutual Funds LLC acquired a new position in Canadian Solar in the third quarter valued at about $527,000. TD Waterhouse Canada Inc. raised its holdings in Canadian Solar by 139.2% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 23,200 shares of the solar energy provider’s stock worth $262,000 after buying an additional 13,500 shares during the period. Mraz Amerine & Associates Inc. bought a new position in Canadian Solar in the second quarter valued at approximately $188,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Canadian Solar in the second quarter valued at approximately $166,000. Finally, Hsbc Holdings PLC increased its position in shares of Canadian Solar by 170.5% during the second quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock worth $5,220,000 after acquiring an additional 205,397 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.