Canadian Solar (NASDAQ:CSIQ) Reaches New 12-Month Low – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price hit a new 52-week low during trading on Thursday . The stock traded as low as $10.74 and last traded at $10.76, with a volume of 2435344 shares changing hands. The stock had previously closed at $11.32.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CSIQ. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday. Oppenheimer reduced their price objective on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. Mizuho initiated coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective on the stock. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and dropped their target price for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $14.00 to $11.00 in a research report on Tuesday. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.58.

Canadian Solar Stock Performance

The business has a fifty day moving average of $12.73 and a 200 day moving average of $14.34. The company has a market cap of $711.87 million, a P/E ratio of -89.67, a P/E/G ratio of 8.89 and a beta of 1.29. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the firm posted $0.32 EPS. The business’s revenue was down 18.4% on a year-over-year basis. On average, equities analysts predict that Canadian Solar Inc. will post 0.06 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp lifted its stake in shares of Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after buying an additional 1,037,800 shares in the last quarter. SIR Capital Management L.P. bought a new position in Canadian Solar in the 2nd quarter valued at approximately $3,994,000. Foundry Partners LLC purchased a new stake in Canadian Solar during the 2nd quarter valued at $3,667,000. Cerity Partners LLC increased its holdings in shares of Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after purchasing an additional 95,924 shares during the last quarter. Hedge funds and other 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.