Canadian Solar (NASDAQ:CSIQ) Price Target Lowered to $10.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for Canadian Solar (CSIQ) from $11.00 to $10.00, maintaining an "equal weight" rating, suggesting only a 0.1% potential upside from the current stock price.
• The stock has received mixed ratings from analysts, with some downgrading it to "sell" and others maintaining a "hold" rating; the overall consensus rating is currently a "Hold" with a target of $11.69.
• Canadian Solar reported a Q2 loss of $0.53 EPS, missing expectations, while quarterly revenue was $1.69 billion, reflecting a 3.6% increase year-over-year, yet still below analysts’ forecasts.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) had its target price lowered by equities research analysts at Wells Fargo & Company from $11.00 to $10.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the solar energy provider's stock. Wells Fargo & Company's price target would suggest a potential downside of 10.47% from the company's previous close.

Other analysts have also issued reports about the stock. Citigroup cut their target price on shares of Canadian Solar from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, August 21st. Roth Capital set a $11.00 target price on shares of Canadian Solar and gave the company a "neutral" rating in a research report on Friday, May 16th. Zacks Research lowered shares of Canadian Solar from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 21st. The Goldman Sachs Group boosted their target price on shares of Canadian Solar from $8.00 to $9.00 and gave the company a "sell" rating in a research report on Friday, May 16th. Finally, Mizuho cut their target price on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, August 22nd. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $11.69.

Canadian Solar Stock Performance

Shares of NASDAQ CSIQ traded up $1.46 during midday trading on Wednesday, hitting $11.17. 5,191,785 shares of the stock traded hands, compared to its average volume of 1,551,805. The firm has a 50-day moving average of $11.88 and a two-hundred day moving average of $10.47. The firm has a market capitalization of $748.08 million, a P/E ratio of -18.62 and a beta of 1.16. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.87 and a current ratio of 1.09. Canadian Solar has a one year low of $6.57 and a one year high of $19.55.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results on Thursday, August 21st. The solar energy provider reported ($0.53) earnings per share for the quarter, missing the consensus estimate of $0.76 by ($1.29). The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.90 billion. Canadian Solar had a negative net margin of 0.12% and a negative return on equity of 4.97%. Canadian Solar's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.02 earnings per share. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities analysts forecast that Canadian Solar will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Raymond James Financial Inc. bought a new position in Canadian Solar in the 2nd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd bought a new position in Canadian Solar in the 1st quarter worth approximately $39,000. Wells Fargo & Company MN boosted its stake in Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after purchasing an additional 3,347 shares during the period. Summit Securities Group LLC increased its stake in Canadian Solar by 598.5% in the 1st quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider's stock worth $61,000 after acquiring an additional 6,015 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in Canadian Solar by 38.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider's stock worth $89,000 after acquiring an additional 2,254 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

About Canadian Solar

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.