Canadian Solar (NASDAQ:CSIQ) Stock Price Down 6.7% – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price fell 6.7% during mid-day trading on Monday . The stock traded as low as $23.88 and last traded at $23.6970. 1,713,527 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 2,363,700 shares. The stock had previously closed at $25.41.

Analyst Ratings Changes

CSIQ has been the topic of several recent research reports. UBS Group lifted their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. Roth Capital lifted their price objective on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, November 17th. Citigroup reissued a “sell” rating and issued a $11.00 target price on shares of Canadian Solar in a report on Tuesday, October 21st. Mizuho reiterated an “underperform” rating and set a $21.00 target price (up previously from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. Finally, Wall Street Zen upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $19.85.

Canadian Solar Stock Down 6.2%

The business’s fifty day simple moving average is $24.92 and its 200 day simple moving average is $16.88. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -61.16 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, beating the consensus estimate of ($1.08) by $0.50. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm posted ($0.31) earnings per share. The company’s quarterly revenue was down 1.3% on a year-over-year basis. Equities analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Two Sigma Investments LP acquired a new position in Canadian Solar during the third quarter worth $11,544,000. Mackenzie Financial Corp lifted its holdings in Canadian Solar by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after purchasing an additional 405,800 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Canadian Solar by 206.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after buying an additional 385,355 shares during the period. Tudor Investment Corp ET AL acquired a new stake in Canadian Solar during the third quarter worth approximately $5,008,000. Finally, Invesco Ltd. lifted its position in Canadian Solar by 19.3% during the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock worth $28,696,000 after acquiring an additional 356,625 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.