Canadian Solar (NASDAQ:CSIQ) Stock Price Down 9.5% – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price dropped 9.5% on Friday . The stock traded as low as $18.06 and last traded at $18.0360. Approximately 1,246,281 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 3,129,912 shares. The stock had previously closed at $19.94.

Analyst Ratings Changes

A number of equities analysts have recently commented on CSIQ shares. Daiwa Securities Group raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a report on Tuesday, December 2nd. JPMorgan Chase & Co. increased their target price on Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, November 14th. Mizuho restated an “underperform” rating and set a $21.00 price target (up from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Finally, Roth Mkm increased their price objective on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $19.85.

Canadian Solar Trading Down 12.5%

The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The stock has a market capitalization of $1.17 billion, a P/E ratio of -48.42 and a beta of 1.28. The stock has a 50-day moving average price of $21.58 and a two-hundred day moving average price of $18.97.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Mackenzie Financial Corp lifted its holdings in shares of Canadian Solar by 7.4% during the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after purchasing an additional 405,800 shares during the last quarter. Invesco Ltd. increased its position in Canadian Solar by 19.3% during the 3rd quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after buying an additional 356,625 shares in the last quarter. Legal & General Group Plc raised its stake in Canadian Solar by 13.0% during the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock valued at $26,741,000 after buying an additional 236,115 shares during the last quarter. Polunin Capital Partners Ltd bought a new stake in Canadian Solar in the fourth quarter worth $43,692,000. Finally, Two Sigma Investments LP purchased a new stake in shares of Canadian Solar in the third quarter worth $11,544,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.