Canadian Solar (NASDAQ:CSIQ) Shares Down 4.4% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ) dropped 4.4% during trading on Thursday . The company traded as low as $11.27 and last traded at $11.28. Approximately 1,255,087 shares changed hands during trading, a decline of 27% from the average daily volume of 1,720,534 shares. The stock had previously closed at $11.80.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. The Goldman Sachs Group cut their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th. Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Jefferies Financial Group started coverage on shares of Canadian Solar in a research report on Friday. They issued a “buy” rating and a $14.15 price objective for the company. Finally, Glj Research upped 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. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and an average target price of $19.94.

Canadian Solar Stock Performance

The stock’s 50 day moving average is $13.74 and its two-hundred day moving average is $15.00. The firm has a market capitalization of $787.97 million, a P/E ratio of 23.35, a P/E/G ratio of 3.69 and a beta of 1.34. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82.

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

Institutional Investors Weigh In On Canadian Solar

Several large investors have recently bought and sold shares of CSIQ. Robotti Robert increased its holdings in shares of Canadian Solar by 92.5% in the first quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock worth $6,234,000 after acquiring an additional 151,610 shares in the last quarter. Bayesian Capital Management LP bought a new position in Canadian Solar in the first quarter valued at approximately $575,000. Virtu Financial LLC bought a new position in Canadian Solar in the first quarter valued at approximately $336,000. DNB Asset Management AS boosted its holdings in shares of Canadian Solar by 31.4% in the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock valued at $13,083,000 after buying an additional 211,820 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Canadian Solar by 337.9% during the second quarter. SG Americas Securities LLC now owns 32,809 shares of the solar energy provider’s stock worth $484,000 after acquiring an additional 25,317 shares in the last quarter. Institutional investors own 52.36% of the company’s stock.

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.