Canadian Solar (NASDAQ:CSIQ) Reaches New 1-Year Low – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $10.43 and last traded at $10.59, with a volume of 456911 shares traded. The stock had previously closed at $10.84.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Mizuho began coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Wells Fargo & Company decreased their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Jefferies Financial Group began coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price on the stock. Finally, Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.31.

Canadian Solar Price Performance

The stock has a market capitalization of $692.36 million, a PE ratio of -87.29, a PEG ratio of 0.72 and a beta of 1.27. The firm’s 50-day moving average price is $11.88 and its 200-day moving average price is $13.49. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter last year, the firm earned $0.32 EPS. The business’s revenue for the quarter was down 18.4% on a year-over-year basis. On average, equities analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently modified their holdings of CSIQ. USCF Advisers LLC increased its holdings in shares of Canadian Solar by 66.7% during the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after buying an additional 1,000 shares during the last quarter. American Century Companies Inc. increased its stake in Canadian Solar by 8.0% in the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after purchasing an additional 1,383 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of 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 valued at $149,000 after purchasing an additional 1,500 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Canadian Solar by 1.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock worth $1,847,000 after acquiring an additional 1,522 shares during the period. Finally, Quarry LP purchased a new stake in shares of Canadian Solar during the 2nd quarter worth $31,000. 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.