Canadian Solar (NASDAQ:CSIQ) Stock Price Down 8.4% - Here's Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ — Get Free Report) were down 8.4% on Friday . The stock traded as low as $10.20 and last traded at $10.26. Approximately 2,006,323 shares traded hands during mid-day trading, an increase of 23% from the average daily volume of 1,630,709 shares. The stock had previously closed at $11.19.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 target price on the stock. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Wells Fargo & Company lowered their price target on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Mizuho began coverage on Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and dropped their target price for the company from $14.00 to $11.00 in a report on Tuesday, December 17th. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Canadian Solar currently has an average rating of “Hold” and an average target price of $18.31.

View Our Latest Research Report on Canadian Solar

Canadian Solar Trading Down 10.2 %

The company has a market cap of $664.90 million, a price-to-earnings ratio of -83.75, a P/E/G ratio of 0.74 and a beta of 1.26. The business has a fifty day simple moving average of $11.05 and a 200 day simple moving average of $12.53. 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 — Get Free Report) last announced its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.32 earnings per share. On average, equities analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Several large investors have recently bought and sold shares of the company. Shah Capital Management boosted its position in shares of Canadian Solar by 825.6% in the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after buying an additional 1,556,964 shares in the last quarter. Barclays PLC raised its position in Canadian Solar by 494.4% during the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after acquiring an additional 95,924 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Canadian Solar by 101.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock valued at $1,902,000 after purchasing an additional 57,246 shares in the last quarter. Waterfront Wealth Inc. grew its position in shares of Canadian Solar by 16.9% in the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock valued at $2,059,000 after purchasing an additional 26,778 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of Canadian Solar during the 3rd quarter worth approximately $219,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

(Get Free Report)

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.

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