Canadian Solar Inc. (CSIQ) Shares Down 2.6%
Canadian Solar Inc. (NASDAQ:CSIQ)’s share price fell 2.6% during trading on Thursday . The stock traded as low as $14.66 and last traded at $14.70, with a volume of 817,566 shares changing hands. The stock had previously closed at $15.09.
Several brokerages have commented on CSIQ. Canaccord Genuity reissued a “buy” rating and issued a $30.00 price target (down previously from $35.00) on shares of Canadian Solar in a research report on Saturday, March 19th. FBR & Co restated a “buy” rating on shares of Canadian Solar in a report on Thursday, May 12th. Zacks Investment Research lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a report on Friday. Northland Securities assumed coverage on shares of Canadian Solar in a report on Wednesday, March 16th. They issued an “outperform” rating and a $36.00 price objective on the stock. Finally, Roth Capital restated a “buy” rating and issued a $28.00 price objective on shares of Canadian Solar in a report on Sunday, May 15th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $29.16.
The firm has a market cap of $855.22 million and a P/E ratio of 6.56. The company’s 50-day moving average price is $16.64 and its 200-day moving average price is $19.24.
Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Wednesday, May 11th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.25. During the same quarter in the prior year, the firm earned $1.04 earnings per share. The business had revenue of $721.40 million for the quarter, compared to analysts’ expectations of $663.74 million. Canadian Solar’s quarterly revenue was down 16.2% compared to the same quarter last year. Equities research analysts anticipate that Canadian Solar Inc. will post $2.36 EPS for the current year.
A number of large investors have added to or reduced their stakes in the company. Russell Frank Co increased its stake in 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. Deere & Co. purchased a new position in shares of Canadian Solar during the fourth quarter valued at $1,913,000. BNP Paribas Arbitrage SA increased its position 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 during the period. GAM Holding AG increased its position in shares of Canadian Solar by 42.3% in the fourth quarter. GAM Holding AG now owns 123,650 shares of the company’s stock valued at $3,581,000 after buying an additional 36,760 shares during the period. Finally, California Public Employees Retirement System increased its position 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 during the period.
Canadian Solar Inc is a solar power company, which designs, develops and manufactures solar wafers, solar cells and solar power products. The Company’s solar power products include standard solar modules and specialty solar products. It has two segments: module segment and energy segment. The Company’s module segment primarily involves design, development, manufacture and sales of solar power products and solar system kits.
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