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

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock 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.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of a number of analyst reports. Wells Fargo & Company cut their price target 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. Jefferies Financial Group began coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective on the stock. 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. Mizuho started coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target for the company. Finally, StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 17th. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Canadian Solar currently has a consensus rating of “Hold” and an average target price of $18.31.

Canadian Solar Price Performance

The firm has a market cap of $692.36 million, a P/E ratio of -87.29, a PEG ratio of 0.72 and a beta of 1.27. The company has a 50 day moving average of $11.88 and a two-hundred day moving average of $13.49. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm’s revenue was down 18.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.32 earnings per share. Sell-side analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Several large investors have recently made changes to their positions in CSIQ. Shah Capital Management grew its position in Canadian Solar by 825.6% in the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after acquiring an additional 1,556,964 shares in the last quarter. SG Americas Securities LLC increased its stake in Canadian Solar by 24.5% in the fourth quarter. SG Americas Securities LLC now owns 85,545 shares of the solar energy provider’s stock valued at $951,000 after acquiring an additional 16,815 shares during the period. USCF Advisers LLC raised its holdings in shares of Canadian Solar by 66.7% in 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 in the last quarter. Miracle Mile Advisors LLC bought a new position in shares of Canadian Solar during the fourth quarter valued at $133,000. Finally, Sanctuary Advisors LLC grew its holdings in shares of Canadian Solar by 37.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 31,029 shares of the solar energy provider’s stock worth $520,000 after purchasing an additional 8,404 shares during the last quarter. 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.