Canadian Solar (NASDAQ:CSIQ) Trading Down 4.4% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price dropped 4.4% on Thursday . The stock traded as low as $11.27 and last traded at $11.28. Approximately 1,255,087 shares traded hands during trading, a decline of 27% from the average daily volume of 1,720,534 shares. The stock had previously closed at $11.80.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CSIQ. The Goldman Sachs Group dropped their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Roth Mkm decreased their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Glj Research lifted their target price on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research note on Tuesday, July 30th. Finally, StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $20.59.

Canadian Solar Price Performance

The company has a fifty day moving average of $13.84 and a 200-day moving average of $15.07. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. The stock has a market cap of $747.61 million, a PE ratio of 23.14, a P/E/G ratio of 3.61 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.03. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The business’s quarterly revenue was down 30.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.39 earnings per share. Sell-side analysts expect that Canadian Solar Inc. will post 0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in Canadian Solar in the second quarter valued at approximately $31,000. Daiwa Securities Group Inc. raised its position in Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after acquiring an additional 1,500 shares in the last quarter. Private Advisor Group LLC acquired a new position in Canadian Solar during the third quarter worth about $219,000. Janney Montgomery Scott LLC increased its stake in Canadian Solar by 9.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after purchasing an additional 1,283 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after acquiring an additional 4,739 shares during the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.