JPMorgan Chase & Co. Has Lowered Expectations for Canadian Solar (NASDAQ:CSIQ) Stock Price

Key Points

• JPMorgan lowered Canadian Solar’s price target from $9 to $8 and maintained an “underweight” rating, implying roughly 16% downside from the stock’s $9.57 price.
• Analyst sentiment remains negative overall: Canadian Solar has an average “Reduce” rating and a consensus price target of $16.22, despite some Buy and Hold ratings.
• The company reported a significant quarterly loss of $1.40 per share, missing estimates by $1.22, while revenue fell 28.7% year over year; shares were down 2.4% during Monday trading.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) had its price objective dropped by JPMorgan Chase & Co. from $9.00 to $8.00 in a report released on Monday, Benzinga reports. The firm currently has an "underweight" rating on the solar energy provider's stock. JPMorgan Chase & Co.'s target price points to a potential downside of 16.41% from the company's current price.

CSIQ has been the topic of a number of other reports. Glj Research restated a "sell" rating and issued a $5.58 price objective on shares of Canadian Solar in a report on Thursday, August 27th. Wells Fargo & Company dropped their target price on Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Monday, August 31st. Roth Capital set a $15.00 price objective on shares of Canadian Solar in a research note on Friday, August 28th. Weiss Ratings lowered Canadian Solar from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, August 27th. Finally, Citigroup cut their target price on shares of Canadian Solar from $18.00 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, August 27th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $16.22.

Canadian Solar Trading Down 2.4%

Canadian Solar stock traded down $0.24 during trading on Monday, hitting $9.57. The company's stock had a trading volume of 1,910,812 shares, compared to its average volume of 2,581,833. The stock's fifty day moving average is $12.70 and its 200 day moving average is $14.63. Canadian Solar has a 1-year low of $9.30 and a 1-year high of $34.59. The stock has a market capitalization of $649.80 million, a price-to-earnings ratio of -2.49 and a beta of 1.53. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.78 and a current ratio of 1.02.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) 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 analysts' consensus estimates of ($0.18) by ($1.22). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business posted ($0.53) earnings per share. The firm's quarterly revenue was down 28.7% on a year-over-year basis. As a group, equities research analysts predict that Canadian Solar will post -2.93 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently bought and sold shares of CSIQ. Caisse de depot et placement du Quebec acquired a new position in shares of Canadian Solar in the second quarter worth about $2,262,141,000. Wellington Management Group LLP purchased a new position in Canadian Solar in the second quarter valued at about $1,018,259,000. Deutsche Bank AG acquired a new position in Canadian Solar in the second quarter worth approximately $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Canadian Solar during the 2nd quarter valued at $676,361,000. Finally, BlackRock Inc. bought a new position in shares of Canadian Solar during the 2nd quarter valued at $85,219,000. 52.36% of the stock is owned by institutional investors and hedge funds.

About Canadian Solar

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.