Canadian Solar (NASDAQ:CSIQ) Reaches New 52-Week Low – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $9.13 and last traded at $9.37, with a volume of 408586 shares traded. The stock had previously closed at $9.59.

Wall Street Analyst Weigh In

CSIQ has been the topic of a number of research reports. Citigroup cut their target price on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating on the stock in a research note on Wednesday. Mizuho started coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective on the stock. The Goldman Sachs Group decreased their target price on Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research report on Wednesday. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, Wells Fargo & Company decreased their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Five research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.84.

Canadian Solar Trading Down 3.8 %

The firm has a 50-day moving average price of $10.30 and a 200-day moving average price of $12.06. The stock has a market cap of $610.32 million, a PE ratio of -77.21, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($1.26). Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same period last year, the firm posted ($0.02) earnings per share. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, equities analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Charles Schwab Investment Management Inc. lifted its holdings in shares of Canadian Solar by 101.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock valued at $1,902,000 after buying an additional 57,246 shares during the period. Cerity Partners LLC lifted its holdings in Canadian Solar by 131.5% in the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after acquiring an additional 243,542 shares during the period. Daiwa Securities Group Inc. boosted its position in Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after purchasing an additional 1,500 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Canadian Solar during the 3rd quarter valued at about $1,109,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of 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 valued at $1,847,000 after purchasing an additional 1,522 shares during 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.