Canadian Solar (NASDAQ:CSIQ) Hits New 52-Week Low – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price reached a new 52-week low on Thursday . The company traded as low as $11.37 and last traded at $11.44, with a volume of 957251 shares traded. The stock had previously closed at $11.91.

Analysts Set New Price Targets

Several research firms have weighed in on CSIQ. Glj Research boosted their target price on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research report on Tuesday, July 30th. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Roth Mkm dropped their price objective on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Oppenheimer dropped their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Finally, Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $22.03.

Canadian Solar Stock Performance

The stock’s 50-day moving average price is $13.95 and its 200-day moving average price is $15.24. The company has a market capitalization of $785.98 million, a price-to-earnings ratio of 23.35, a P/E/G ratio of 3.95 and a beta of 1.34. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. Canadian Solar’s revenue was down 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.39 earnings per share. As a group, equities research analysts expect that Canadian Solar Inc. will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp raised its holdings in Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after acquiring an additional 1,037,800 shares during the last quarter. SIR Capital Management L.P. acquired a new stake in Canadian Solar in the 2nd quarter worth about $3,994,000. D. Scott Neal Inc. purchased a new stake in Canadian Solar in the 2nd quarter valued at about $3,898,000. Foundry Partners LLC acquired a new position in shares of Canadian Solar during the 2nd quarter valued at about $3,667,000. Finally, Cerity Partners LLC boosted its position in shares of Canadian Solar by 131.5% in the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after acquiring an additional 243,542 shares during the last quarter. 52.36% of the stock is currently owned by hedge funds and other 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.