Canadian Solar (NASDAQ:CSIQ) Stock Price Down 6.2% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) shares fell 6.2% during trading on Friday . The company traded as low as $13.79 and last traded at $13.76. 1,310,242 shares changed hands during trading, a decline of 54% from the average session volume of 2,846,848 shares. The stock had previously closed at $14.67.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CSIQ. Mizuho lowered their target price on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 23rd. Wells Fargo & Company lowered their target price on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, April 8th. Oppenheimer decreased their target price on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, March 20th. Roth Mkm lowered their price target on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Canadian Solar currently has a consensus rating of “Hold” and an average price target of $18.36.

Canadian Solar Trading Down 2.4%

The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $970.70 million, a P/E ratio of -5.72 and a beta of 1.37. The business has a 50 day moving average price of $15.78 and a 200 day moving average price of $19.78.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) EPS for the quarter. The company had revenue of $1.22 billion during the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. Analysts anticipate that Canadian Solar Inc. will post -1.44 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of CSIQ. Goldman Sachs Group Inc. grew its position in shares of Canadian Solar by 20.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock valued at $4,748,000 after purchasing an additional 92,002 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Canadian Solar by 141.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock valued at $100,000 after purchasing an additional 5,338 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Canadian Solar by 20.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock valued at $9,539,000 after purchasing an additional 145,867 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar in the 2nd quarter valued at approximately $33,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Canadian Solar in the 2nd quarter valued at approximately $790,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.