Canadian Solar (NASDAQ:CSIQ) Trading Down 7.9% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ) shares dropped 7.9% during mid-day trading on Tuesday . The stock traded as low as $26.82 and last traded at $25.38. Approximately 727,736 shares traded hands during trading, a decline of 70% from the average daily volume of 2,396,799 shares. The stock had previously closed at $27.55.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CSIQ. Zacks Research raised Canadian Solar from a “strong sell” rating to a “hold” rating in a research note on Friday, September 19th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a report on Tuesday, November 25th. Roth Capital raised their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. Daiwa Capital Markets raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Tuesday. Finally, Citigroup reaffirmed a “sell” rating and issued a $11.00 price target on shares of Canadian Solar in a research report on Tuesday, October 21st. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Price Performance

The company has a market cap of $1.71 billion, a P/E ratio of -42.47 and a beta of 1.35. The stock has a 50-day simple moving average of $19.88 and a 200 day simple moving average of $14.40. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.87 and a current ratio of 1.09.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.37 billion. Canadian Solar had a negative return on equity of 4.97% and a negative net margin of 0.12%.Canadian Solar’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.31) earnings per share. On average, equities analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in Canadian Solar during the second quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after buying an additional 2,463 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after buying an additional 312 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Canadian Solar in the 3rd quarter valued at $73,000. Finally, Summit Securities Group LLC grew its position in Canadian Solar by 598.5% in the first quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider’s stock valued at $61,000 after acquiring an additional 6,015 shares during the period. 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.