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

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) reached a new 52-week low on Thursday . The stock traded as low as $11.37 and last traded at $11.44, with a volume of 957251 shares trading hands. The stock had previously closed at $11.91.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CSIQ shares. Roth Mkm dropped their target price on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Oppenheimer lowered their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group lowered their price objective on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.59.

Canadian Solar Stock Down 6.6 %

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 firm has a 50 day simple moving average of $13.92 and a two-hundred day simple moving average of $15.18. The stock has a market cap of $727.09 million, a P/E ratio of 21.55, a P/E/G ratio of 3.89 and a beta of 1.34.

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

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp increased its position in shares of Canadian Solar by 25.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after purchasing an additional 1,037,800 shares during the period. DNB Asset Management AS grew its holdings in Canadian Solar by 31.4% during the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock worth $13,083,000 after acquiring an additional 211,820 shares during the period. State Street Corp raised its position in Canadian Solar by 5.6% in the third quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock worth $8,159,000 after acquiring an additional 25,901 shares in the last quarter. Cerity Partners LLC lifted its holdings in Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after acquiring an additional 243,542 shares during the last quarter. Finally, Robotti Robert lifted its holdings in Canadian Solar by 92.5% in the 1st quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock valued at $6,234,000 after acquiring an additional 151,610 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.