Canadian Solar Inc. (NASDAQ:CSIQ) shares fell 2.1% during mid-day trading on Friday . The company traded as low as $12.80 and last traded at $12.82, with a volume of 1,613,371 shares trading hands. The stock had previously closed at $13.09.

A number of brokerages have issued reports on CSIQ. Vetr lowered shares of Canadian Solar from a “strong-buy” rating to a “buy” rating and set a $19.06 price target on the stock. in a research note on Wednesday, May 11th. Morgan Stanley lowered shares of Canadian Solar from an “overweight” rating to an “underweight” rating and cut their price target for the company from $24.00 to $12.80 in a research note on Wednesday, August 3rd. FBR & Co restated a “buy” rating and set a $32.00 price target on shares of Canadian Solar in a research note on Monday, June 27th. Zacks Investment Research lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Friday, July 8th. Finally, Roth Capital restated a “buy” rating and set a $20.00 price target on shares of Canadian Solar in a research note on Monday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $26.82.

The company’s 50 day moving average is $14.70 and its 200-day moving average is $17.68. The stock has a market cap of $734.59 million and a P/E ratio of 5.64.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Wednesday, May 11th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.25. During the same quarter in the prior year, the firm earned $1.04 EPS. The firm earned $721.40 million during the quarter, compared to analysts’ expectations of $663.74 million. The firm’s revenue was down 16.2% compared to the same quarter last year. Equities research analysts expect that Canadian Solar Inc. will post $1.96 EPS for the current year.

Other hedge funds recently modified their holdings of the company. Russell Frank Co increased its stake in shares of Canadian Solar by 26.7% in the fourth quarter. Russell Frank Co now owns 64,652 shares of the company’s stock valued at $1,852,000 after buying an additional 13,642 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Canadian Solar by 1.6% in the fourth quarter. BNP Paribas Arbitrage SA now owns 75,036 shares of the company’s stock valued at $2,173,000 after buying an additional 1,156 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Canadian Solar by 0.3% in the fourth quarter. California Public Employees Retirement System now owns 181,200 shares of the company’s stock valued at $5,248,000 after buying an additional 500 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Canadian Solar by 214.9% in the fourth quarter. Morgan Stanley now owns 523,185 shares of the company’s stock valued at $15,152,000 after buying an additional 357,042 shares in the last quarter.

Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.