Canadian Solar (NASDAQ:CSIQ) Trading Down 7.1% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded down 7.1% during trading on Monday . The company traded as low as $14.71 and last traded at $14.30. 246,219 shares changed hands during trading, a decline of 92% from the average daily volume of 2,958,965 shares. The stock had previously closed at $15.39.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CSIQ. Roth Mkm cut their price objective on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Mizuho upped their target price on Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Wall Street Zen raised Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Finally, Wells Fargo & Company reduced their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Canadian Solar currently has a consensus rating of “Reduce” and an average price target of $18.66.

Canadian Solar Price Performance

The stock has a market cap of $982.65 million, a PE ratio of -5.74 and a beta of 1.49. The business has a fifty day simple moving average of $16.74 and a two-hundred day simple moving average of $18.41. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The firm’s revenue for the quarter was down 9.9% compared to the same quarter last year. During the same quarter last year, the business posted ($1.07) EPS. Research analysts forecast that Canadian Solar Inc. will post -1.81 earnings per share for the current year.

Insider Transactions at Canadian Solar

In related news, Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. Additional details regarding this sale are available in the official SEC disclosure. 21.50% of the stock is owned by corporate insiders.

Institutional Trading of Canadian Solar

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in Canadian Solar by 206.6% during the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock valued at $7,457,000 after buying an additional 385,355 shares during the last quarter. UBS Group AG grew its stake in shares of Canadian Solar by 71.3% in the fourth quarter. UBS Group AG now owns 399,963 shares of the solar energy provider’s stock worth $9,507,000 after acquiring an additional 166,412 shares during the last quarter. Polunin Capital Partners Ltd bought a new position in shares of Canadian Solar during the fourth quarter valued at $43,692,000. Hussman Strategic Advisors Inc. purchased a new position in shares of Canadian Solar in the 4th quarter worth about $2,995,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Canadian Solar by 14,259.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 224,011 shares of the solar energy provider’s stock worth $5,325,000 after purchasing an additional 222,451 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.