Canadian Solar (NASDAQ:CSIQ) Sets New 12-Month Low – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low during trading on Monday. The stock traded as low as $8.82 and last traded at $8.9110, with a volume of 102,515 shares traded. The stock had previously closed at $9.23.

Wall Street Analyst Weigh In

CSIQ has been the subject of several research analyst reports. Wells Fargo & Company dropped their target price on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, August 31st. UBS Group reduced their price target on shares of Canadian Solar from $25.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, October 14th. Citigroup decreased their price target on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. JPMorgan Chase & Co. decreased their price target on shares of Canadian Solar from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Monday, October 19th. Finally, Roth Capital set a $15.00 price objective on shares of Canadian Solar in a report on Friday, August 28th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $16.22.

Canadian Solar Price Performance

The company has a 50 day moving average of $11.91 and a two-hundred day moving average of $15.59. The company has a market capitalization of $656.56 million, a PE ratio of -2.52 and a beta of 1.53.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. The company’s revenue for the quarter was down 28.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.53) earnings per share. On average, equities analysts anticipate that Canadian Solar Inc. will post -2.93 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC bought a new stake in shares of Canadian Solar in the 2nd quarter worth approximately $96,000. Jones Financial Companies Lllp purchased a new stake in shares of Canadian Solar in the 2nd quarter worth approximately $100,000. Danske Bank A S purchased a new stake in shares of Canadian Solar in the 2nd quarter worth approximately $100,000. EFG International AG bought a new position in Canadian Solar during the 2nd quarter valued at approximately $161,000. Finally, Kelleher Financial Advisors bought a new position in Canadian Solar during the 2nd quarter valued at approximately $186,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.