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

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price hit a new 52-week low 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.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They issued a “buy” rating and a $14.15 target price for the company. Citigroup cut 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 report on Tuesday, October 22nd. Mizuho assumed coverage on Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 price target for the company. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $14.00 to $11.00 in a research note on Tuesday. Finally, StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and a consensus price target of $18.58.

Canadian Solar Stock Down 4.9 %

The stock has a market capitalization of $711.87 million, a P/E ratio of -89.67, a P/E/G ratio of 8.89 and a beta of 1.29. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The company’s 50-day moving average price is $12.73 and its 200 day moving average price is $14.34.

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

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC lifted its stake in shares of Canadian Solar by 337.9% in the 2nd quarter. SG Americas Securities LLC now owns 32,809 shares of the solar energy provider’s stock valued at $484,000 after purchasing an additional 25,317 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Canadian Solar by 34.6% during the 2nd quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider’s stock worth $287,000 after purchasing an additional 5,003 shares during the period. Foundry Partners LLC purchased a new stake in Canadian Solar in the 2nd quarter worth about $3,667,000. SIR Capital Management L.P. bought a new stake in Canadian Solar in the second quarter worth about $3,994,000. Finally, American Century Companies Inc. boosted its position in shares of Canadian Solar by 8.0% during the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after buying an additional 1,383 shares during the period. Hedge funds and other 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.