Canadian Solar (NASDAQ:CSIQ) Shares Down 10.2% – What’s Next?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) were down 10.2% on Tuesday . The stock traded as low as $13.86 and last traded at $13.93. Approximately 1,003,995 shares were traded during trading, a decline of 39% from the average daily volume of 1,648,596 shares. The stock had previously closed at $15.51.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CSIQ shares. Roth Mkm cut their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Glj Research raised their target price on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research note on Tuesday, July 30th. Finally, Oppenheimer cut their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. Four analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $22.03.

Canadian Solar Trading Down 10.0 %

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04. The stock has a market capitalization of $923.58 million, a P/E ratio of 4.87, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31. The stock has a 50-day moving average price of $13.78 and a two-hundred day moving average price of $15.36.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the company posted $2.39 earnings per share. The firm’s revenue was down 30.8% on a year-over-year basis. On average, research analysts forecast that Canadian Solar Inc. will post 0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in Canadian Solar by 26.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 67,929 shares of the solar energy provider’s stock valued at $1,342,000 after buying an additional 14,368 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Canadian Solar by 30.9% during the first quarter. BNP Paribas Financial Markets now owns 198,646 shares of the solar energy provider’s stock valued at $3,925,000 after buying an additional 46,888 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after buying an additional 1,283 shares during the last quarter. Capstone Investment Advisors LLC raised its stake in Canadian Solar by 172.9% during the first quarter. Capstone Investment Advisors LLC now owns 37,370 shares of the solar energy provider’s stock valued at $738,000 after buying an additional 23,676 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in Canadian Solar by 72.1% during the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after buying an additional 3,100 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Company Profile

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.