Canadian Solar (NASDAQ:CSIQ) Hits New 1-Year Low – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $9.43 and last traded at $9.69, with a volume of 280801 shares changing hands. The stock had previously closed at $9.83.

Analysts Set New Price Targets

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

Canadian Solar Price Performance

The company has a market cap of $674.03 million, a PE ratio of -84.92, a P/E/G ratio of 0.74 and a beta of 1.26. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The company has a 50-day moving average price of $11.01 and a two-hundred day moving average price of $12.46.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business’s quarterly revenue was down 18.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 earnings per share. Sell-side analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

Several large investors have recently modified their holdings of CSIQ. USCF Advisers LLC boosted its holdings in Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 1,000 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after buying an additional 3,347 shares in the last quarter. Sciencast Management LP bought a new stake in shares of Canadian Solar in the fourth quarter worth $113,000. Miracle Mile Advisors LLC bought a new position in Canadian Solar during the 4th quarter valued at $133,000. Finally, Daiwa Securities Group Inc. grew its holdings in Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after acquiring an additional 1,500 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.