Canadian Solar (NASDAQ:CSIQ) Shares Down 8% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price traded down 8% on Thursday . The stock traded as low as $14.49 and last traded at $14.52. Approximately 1,645,397 shares traded hands during trading, a decline of 40% from the average daily volume of 2,753,927 shares. The stock had previously closed at $15.78.

Analyst Upgrades and Downgrades

CSIQ has been the subject of several research analyst reports. Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Citigroup upgraded Canadian Solar from a “sell” rating to a “neutral” rating and upped their price target for the company from $11.00 to $18.00 in a research report on Wednesday, July 22nd. Mizuho increased their price objective on Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, June 15th. Finally, Wall Street Zen raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Canadian Solar currently has an average rating of “Hold” and an average price target of $19.36.

Canadian Solar Stock Down 1.2%

The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $987.95 million, a PE ratio of -5.77 and a beta of 1.52. The company’s fifty day simple moving average is $15.20 and its 200 day simple moving average is $16.29.

Insider Activity at Canadian Solar

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 21.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Caisse de depot et placement du Quebec bought a new stake in Canadian Solar during the 2nd quarter valued at approximately $2,262,141,000. Wellington Management Group LLP purchased a new stake in Canadian Solar during the second quarter valued at $1,018,259,000. Deutsche Bank AG bought a new position in shares of Canadian Solar in the 2nd quarter valued at about $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Canadian Solar in the 2nd quarter valued at approximately $676,361,000. Finally, BlackRock Inc. purchased a new position in Canadian Solar during the second quarter worth $85,219,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

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.