Canadian Solar (NASDAQ:CSIQ) Shares Down 4.5% – Should You Sell?

Canadian Solar Inc. (NASDAQ:CSIQ) traded down 4.5% on Monday . The stock traded as low as $13.35 and last traded at $13.35. 983,730 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 1,597,326 shares. The stock had previously closed at $13.98.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CSIQ. Oppenheimer dropped their price objective on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Roth Mkm lowered 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. The Goldman Sachs Group reduced their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Finally, Glj Research boosted their price target on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a report on Tuesday, July 30th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $23.33.

Canadian Solar Price Performance

The firm has a market capitalization of $838.23 million, a PE ratio of 4.40, a P/E/G ratio of 4.92 and a beta of 1.31. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04. The stock has a fifty day moving average price of $14.01 and a 200-day moving average price of $15.69.

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

Hedge Funds Weigh In On Canadian Solar

Institutional investors and hedge funds have recently bought and sold shares of the company. Green Alpha Advisors LLC lifted its holdings in shares of Canadian Solar by 8.8% during the 3rd quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock valued at $677,000 after purchasing an additional 3,282 shares during the last quarter. Handelsbanken Fonder AB increased its position in Canadian Solar by 69.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 19,700 shares of the solar energy provider’s stock valued at $330,000 after buying an additional 8,100 shares in the last quarter. SG Americas Securities LLC increased its position in Canadian Solar by 109.5% during the 3rd quarter. SG Americas Securities LLC now owns 68,730 shares of the solar energy provider’s stock valued at $1,152,000 after buying an additional 35,921 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Canadian Solar by 41.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 108,666 shares of the solar energy provider’s stock valued at $1,603,000 after buying an additional 31,860 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Canadian Solar in the second quarter worth about $343,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.