Canadian Solar (NASDAQ:CSIQ) Reaches New 1-Year Low – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $11.37 and last traded at $11.44, with a volume of 957251 shares traded. The stock had previously closed at $11.91.

Analyst Ratings Changes

CSIQ has been the subject of a number of research reports. Roth Mkm decreased their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Oppenheimer decreased their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. The Goldman Sachs Group cut their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, August 26th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Finally, Glj Research raised their price objective on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research report on Tuesday, July 30th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $22.03.

Canadian Solar Price Performance

The stock has a market capitalization of $785.98 million, a P/E ratio of 23.35, a PEG ratio of 3.95 and a beta of 1.34. The company has a 50 day moving average of $13.95 and a 200-day moving average of $15.24. The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm earned $2.39 EPS. The company’s revenue for the quarter was down 30.8% compared to the same quarter last year. Sell-side analysts predict that Canadian Solar Inc. will post 0.12 EPS for the current year.

Institutional Trading of Canadian Solar

Hedge funds have recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of Canadian Solar in the second quarter valued at approximately $31,000. Daiwa Securities Group Inc. raised its stake 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 valued at $149,000 after acquiring an additional 1,500 shares in the last quarter. Private Advisor Group LLC acquired a new position in Canadian Solar during the 3rd quarter worth $219,000. Janney Montgomery Scott LLC increased its holdings in shares of 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 purchasing an additional 1,283 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Canadian Solar by 43.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after purchasing an additional 4,739 shares during the period. 52.36% of the stock is currently owned by 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.