Canadian Solar (NASDAQ:CSIQ) Sets New 52-Week Low – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ) shares reached a new 52-week low during trading on Thursday . The company 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.

Analyst Ratings Changes

A number of research firms have issued reports on CSIQ. 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. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Wells Fargo & Company lowered their target price on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 5th. The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $14.00 to $11.00 in a report on Tuesday. Finally, Oppenheimer lowered their price objective on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 23rd. Five 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 company’s stock. According to MarketBeat, Canadian Solar has an average rating of “Hold” and a consensus price target of $18.58.

Canadian Solar Price Performance

The company’s 50-day simple moving average is $12.66 and its 200-day simple moving average is $14.31. 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 market cap of $760.83 million, a price-to-earnings ratio of -95.83, a P/E/G ratio of 8.89 and a beta of 1.29.

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

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently bought and sold shares of CSIQ. Sanctuary Advisors LLC boosted its stake in shares of Canadian Solar by 37.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 31,029 shares of the solar energy provider’s stock valued at $520,000 after buying an additional 8,404 shares during the last quarter. Barclays PLC raised its holdings in Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after acquiring an additional 95,924 shares in the last quarter. State Street Corp boosted its stake in Canadian Solar by 5.6% during the 3rd quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock valued at $8,159,000 after acquiring an additional 25,901 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Canadian Solar by 1.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock worth $1,847,000 after acquiring an additional 1,522 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Canadian Solar in the 3rd quarter worth about $1,109,000. 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.