Canadian Solar Inc. (CSIQ) Shares Down 9.9%
Canadian Solar Inc. (NASDAQ:CSIQ) shares fell 9.9% during mid-day trading on Monday . The company traded as low as $14.84 and last traded at $14.99, with a volume of 3,122,608 shares. The stock had previously closed at $16.63.
A number of research firms have issued reports on CSIQ. Vetr raised shares of Canadian Solar from a “buy” rating to a “strong-buy” rating and set a $19.06 price target for the company in a report on Thursday, August 10th. BidaskClub lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a research report on Saturday. FBR & Co restated a “neutral” rating and set a $15.00 price target (up previously from $13.00) on shares of Canadian Solar in a research report on Tuesday, August 15th. Axiom Securities restated a “sell” rating on shares of Canadian Solar in a research report on Friday, June 9th. Finally, Cowen and Company set a $16.00 target price on shares of Canadian Solar and gave the company a “hold” rating in a research report on Monday, August 14th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Canadian Solar presently has an average rating of “Hold” and a consensus target price of $17.21.
The company has a 50-day moving average price of $16.54 and a 200 day moving average price of $14.14. The stock has a market capitalization of $868.63 million, a P/E ratio of 35.52 and a beta of 3.09.
Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Monday, August 14th. The solar energy provider reported ($0.15) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.01. Canadian Solar had a net margin of 1.01% and a return on equity of 1.71%. The firm had revenue of $692.37 million during the quarter, compared to analyst estimates of $631.05 million. During the same period last year, the business earned $0.68 earnings per share. The business’s revenue was down 14.1% on a year-over-year basis. Analysts expect that Canadian Solar Inc. will post $1.56 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Pacad Investment Ltd. acquired a new position in Canadian Solar during the second quarter valued at about $115,000. Legal & General Group Plc raised its position in Canadian Solar by 111.1% in the second quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock valued at $124,000 after buying an additional 4,100 shares during the last quarter. Wedbush Securities Inc. purchased a new position in shares of Canadian Solar during the first quarter worth $189,000. Raymond James Financial Services Advisors Inc. raised its position in shares of Canadian Solar by 20.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 18,614 shares of the solar energy provider’s stock worth $228,000 after buying an additional 3,100 shares during the last quarter. Finally, Columbus Circle Investors purchased a new position in shares of Canadian Solar during the second quarter worth $318,000. Hedge funds and other institutional investors own 34.97% of the company’s stock.
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Canadian Solar Company Profile
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.