Canadian Solar (NASDAQ:CSIQ) Stock Falls 6.4% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) fell 6.4% during mid-day trading on Monday. The company traded as low as $10.33 and last traded at $10.4110. Approximately 229,313 shares changed hands during trading, a decline of 91% from the average daily volume of 2,545,350 shares. The stock had previously closed at $11.12.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Glj Research restated a “sell” rating and issued a $5.58 price target on shares of Canadian Solar in a research report on Thursday, August 27th. Roth Capital set a $15.00 price objective on Canadian Solar in a research report on Friday, August 28th. Wall Street Zen downgraded Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Citigroup lowered their target price on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, August 27th. Finally, JPMorgan Chase & Co. dropped their target price on Canadian Solar from $9.00 to $8.00 and set an “underweight” rating on the stock in a report on Monday, October 19th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $15.84.

Canadian Solar Stock Performance

The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The stock has a market cap of $711.56 million, a price-to-earnings ratio of -2.74 and a beta of 1.50. The stock’s 50-day moving average is $11.18 and its 200 day moving average is $15.16.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the firm posted ($0.53) EPS. Canadian Solar’s revenue for the quarter was down 28.7% compared to the same quarter last year. As a group, analysts predict that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

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

About Canadian Solar

Canadian Solar Inc is a global solar energy company that designs, manufactures and delivers renewable energy products and solutions. Founded in 2001 by Dr. Shawn Qu, the company is headquartered in Guelph, Ontario, Canada, and serves customers in markets across North America, Latin America, Europe, Africa, the Middle East, Australia and Asia.

Through its CSI Solar business, Canadian Solar provides photovoltaic solar modules, inverters, battery energy storage systems and other components used in residential, commercial, industrial and utility-scale projects.